The Alabama Private School Performance Surety Bond is required by Alabama Community College System. (formerly the Department of Post-secondary Education of Alabama). The bond states that any student suffering loss as a result of a breach of contract, fraud, or misrepresentation used in procuring enrollment in and/or administering a course of study will receive a refund of tuition and fees. The bond amount for a degree offering program is $50,000. The bond amount for a non-degree offering program is $20,000.
In order for a private post-secondary institution to be able to conduct business in Alabama, an application for a license must be submitted. Included in the application should be a financial statement and copy of the current catalog, brochure, or bulletin of the school. The submitted brochure and the like should have the name, address, and the number of the institution, along with the statement of objectives, a copy of the policy on tuition and grievance policy.
Aside from applying for a license from the Alabama Community College System, post-secondary institutions must also present that they are financially stable, as indicated in the Code of Alabama Section 16-46-5. The cost of the bond is $ 20,000 for a non-degree program and $50,000 for a degree program. The bond is needed in order to protect students who may suffer from fraud or misrepresentation during the course of his or her study in the institution.
This bond is fairly easy to obtain, all we need is a completed application and we can get you a free quote right away. Simply complete our easy to navigate, online application and within 1 business day, one of our experts will contact you.
Our company, Surety Solutions Insurance Services, Inc (Surety1) has been in the business since 2003, and we are licensed in all 50 states. We have also been rated A+ by the Better Business Bureau so you can be assured that we can provide quality service for any of your surety bond needs.