In the state of Arizona, a Private Postsecondary Education Bond is required for all private postsecondary institutions that offer vocational, accredited, non-accredited, and degree programs. This includes universities, colleges, and career colleges. The bond is a type of surety bond that guarantees the repayment of students who do not receive the education services for which they have prepaid tuition and fees.
The purpose of the bond is to protect students from financial loss if a school closes or is unable to provide the promised education services. The bond also helps to ensure that schools are financially stable and able to meet their obligations to students. The amount of the bond is determined by the Arizona State Board for Private Postsecondary Education. The bond amount is based on a number of factors, including the number of students enrolled, the type of programs offered, and the school’s financial history.
- The minimum amount is $15,000.
- The amount may be greater than $15,000 based upon the institution’s gross tuition revenues, the length of time the institution has operated and the financial position of the institution.
- Must remain in effect unless the Board determines the Surety Bond is no longer required.
The cost of the surety bond is usually between 1% and 3% of the bond amount, subject to a minimum premium and fees of $150. Surety1 will shop its many markets to procure the right price at the right terms.
How to Get an Arizona Private Postsecondary Education Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Arizona Private Postsecondary Education Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
How to Get Your Arizona Private Postsecondary Education Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.