The Iowa Postsecondary School Bond is required by the State of Iowa in the amount of $50,000. Any college or university that wants to receive authorization to offer programs in Iowa or to Iowa residents must obtain this bond.
What is the purpose of an Iowa Postsecondary School Bond?
The surety bond is proof of financial responsibility. It’s conditioned on the faithful performance of all contracts and agreements with students made by such person, firm, association or corporation or their salespersons.
What are other requirements that must be met in order to be registered as a Postsecondary School in Iowa?
A school that wants to offer educational instruction to students in Iowa must complete registration through Iowa College Aid. Registration fees are annual and nonrefundable. The fee will be based on the school’s Fall full-time enrollment, as reported to the U.S. Department of Education’s Integrated Postsecondary Education Data System.
- $2,000 – Under 2,500 full-time students
- $4,000 – 2,500 to 9,999 full-time students
- $6,000 – 10,000 or more full-time students
The Student Aid Commission requires the following:
- Principal location of the school and the locations where instruction will be given.
- Names and addresses of principal owners or officers and members of the governing body of the school.
- Schedule of tuition charges, fees, and other costs, as well as the tuition refund policy.
- Name of accrediting agency.
- Contact information for the school or the school’s registered agent.
- Names and descriptions of courses and degrees to be offered.
- Description of procedures for the preservation of student records and contact information for obtaining transcript information.
- Names, titles, and contact information for Iowa residents compensated by the school to perform duties at a location in Iowa.
- The school’s official Stafford loan cohort default rate.
- A copy of (or description of) the school’s required disclosures to students.
Where can I get an Iowa Postsecondary School Bond?
Surety1 will be happy to provide you with all your surety bond needs. Complete our easy to navigate, free online application form to begin the process. One of our licensed agents will contact you with a no-obligation quote. If you decide to proceed with us, all you need to do is pay the bond premium and sign the paperwork. We will send you the surety bond via USPS Priority Mail.
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