The New Mexico Postsecondary Institution Bond is required by the New Mexico Higher Education Department. The bond amount shall be 20% of the institution’s projected or actual gross annual tuition and fees revenue in the state. However, the bond shall not be less than $5,000.
What is the purpose of the Postsecondary Institution Bond?
The bond protects any student damaged by fraud or misrepresentation by a licensed institution. In the event that the school closes or otherwise fails to provide services for which students have contracted, the bondholder shall make appropriate refunds to students.
What are the other requirements for licensing according to the Post Secondary Educational Institution Act
- Completed application form
- Evaluation Plan
- Tuition Policy
- Tuition Refund Policy
- Record Maintenance and Retention Policy
- Proof of teach-out agreement
- Proof of financial stability
- Procedure for resolution of student complaints
- Certification that student services, such as financial aid counseling, academic counseling, employment and placement counseling, will be Access to academic support resources
- Payment for applicable fees
Where can I get my New Mexico Postsecondary Institution Bond?
With Surety1, you not only get the New Mexico Postsecondary Institution bond at the best rate possible, you also get it FAST. We are proud to say that through our partnership with many A-rated surety companies, we are able to offer the lowest rates in the market today.
Start by completing our easy to navigate, free online application form. After that, one of our surety agents will contact you with a no-obligation quote on the premium. Next, when you’re ready to proceed, you’ll pay the bond premium and sign any necessary paperwork. Lastly, your Postsecondary Institution bond will be mailed out. You have the option of USPS Priority Mail or overnight delivery, for an additional fee.
You can trust Surety1 for all your surety bond needs. We have been writing bonds since 2003, servicing clients in all 50 states. We are proud of our A+ rating from the Better Business Bureau.