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Private school bond cost

Arizona private post secondary education license surety bond amounts are based on the gross total revenue (GTR) of the school applying. Gross total revenue is the total income of a business before any deductions or allowances, such as taxes. Bond amounts also depend on whether the college is accredited and if they make more or less than $400,000 GTR per year.

The cost of an Arizona  private post secondary education license bond is based on the applicant’s credit report and financial history. When requesting a bond quote, have your current business financials and a personal financial statement readily available. Surety companies also typically require the following information to produce this bond:

  • how tuition is calculated
  • the number of students enrolled
  • the length of the semester
  • whether the government offers financial aid

Why this bond

Arizona  private post secondary education license surety bonds ensure that the principal (private college) will not engage in any illegal activity or take any actions that could result in financial loss for consumers, such as closing the school without refunding students’ tuition. If the principal does breach his or her agreement and a valid claim is filed against the bond, the surety will cover any damages. The principal is responsible for reimbursing the surety for any damages paid out.

This bond protects consumers in the event that the principal is found guilty of any of the following offenses:

  • committing a felony or crime relating to the institution
  • illegally advertising
  • failing to maintain the appropriate license
  • employing faculty who fail to meet minimum qualifications
  • conducting sexual misconduct
  • verbally abusing a student or employee
  • threatening a student or employee with words or physical injury

Arizona  post secondary education license surety bonds are necessary to obtain the appropriate state license. These bonds are continuous until canceled, and 60 days written notice is required by the obligee if the surety chooses to terminate the bond.

For an existing institution, actual GTR will be used to determine the bond amount. For a new institution, anticipated GTR is based upon the first year projections.Be sure to verify your required bond amount with the state prior to beginning the bonding process.

Become a private post secondary school

There are two types of licenses issued by the state: the Private Vocational Program License and the Degree-Granting License. It’s important to know which licenses you’re applying for

Along with the appropriate license application, applicants must also submit the following documents:

  • surety bond in the correct amount
  • proof of accreditation (if applicable)
  • financial statement
  • enrollment agreement for students
  • course curriculum information
  • resumes of all employees and board members
  • fire inspection documentation

Once all the necessary documents have been received by the Arizona State Board of Private Post secondary Education, the following tasks must be completed:

  • an education facility inspection/visit
  • an appearance before the Board
  • receiving Board approval for license

Other Important Information

If a private college decides to change any of the following, the board must be notified immediately before the change occurs:

  • enrollment agreement
  • catalog, programs
  • educational resources

These changes must be submitted to the board. Some changes require fees, applications and forms in order for the change to be made legally. These changes include:

  • educational facility name change
  • new or additional location
  • new program or course
  • tuition changes
  • change in ownership

Apply for your surety bond

Get a FREE Arizona  Private Post secondary School Bond Quote Today! Click here to begin