The Maryland Career School Bond is required by the State Secretary of Higher Education. The bond states that the bondholder shall faithfully perform all agreements and contracts with students. In addition, they need to comply with all provisions of Title 11, Education Article, Annotated Code of Maryland.
A Career School is a privately owned and operated institution of postsecondary education. Also known as trade/technical schools or occupational training schools. These schools offer career training to adults.
Before a career school can operate it must first be given approval by the Maryland Higher Education Commission. The Career School Bond will provide the financial guarantee that is a mandatory requirement.
What is the bond amount?
The Secretary of Higher Education determines the amount of the bond. New schools are required to provide a financial guarantee for 10 years. Either 50% or 100% of the tuition liability of the school’s maximum student enrollment. The Secretary looks at financial statements and the method in which tuition is collected to determine the amount. After 10 years, the Secretary will decide if a financial guarantee is still necessary. The bond amount would be 30% of tuition liability.
Why should I choose Surety1 for my Maryland Career School Bond?
At Surety1, we make things easy for you. Start the process by completing our easy-to-navigate, free online application form. Next, one of our surety agents will contact you with a no-obligation quote for the bond premium. After that, once you decide to move forward with us, you just need to pay the bond premium and choose your shipping options. You have the option to receive your Maryland Career School Bond through USPS Priority Mail or overnight delivery.
Surety1 has been issuing surety bonds in the State of Maine since 2003. We continue to be rated A+ by the Better Business Bureau for our outstanding service.