The North Carolina Proprietary School Bond is required by the State Board of Community Colleges. The bond states that the bondholder shall perform its obligations to students for which advance payment has been made. Providing instruction, academic services, and other goods and services related to course enrollment,
What is the bond amount?
The Proprietary School Bond, also know as a Guaranty Bond, has a minimum bond amount of $25,000. However, the amount shall be at least equal to the maximum amount of prepaid tuition held at any time during the fiscal year. The bond covers the potential loss of prepaid tuition and other payments made by students, in the event the school closes.
At Surety1, you can be assured of the lowest rates as we have partnered with over a dozen A-rated surety markets. We have friendly agents who are willing to answer all your queries and give you only the best service.
Who needs a Guaranty Bond?
Any person who wants to operate a proprietary school in the State of North Carolina must first obtain a license. A proprietary school conducts post-secondary educational instruction. Post secondary schools include business, trade, technical or correspondence schools. The North Carolina Proprietary School Bond is one of the licensing requirements.
How do I get a North Carolina Proprietary School Bond?
Surety1 makes it easy for you to get your guaranty bond. First, start the process by completing our online application form. Next, one of our agents will contact you with a no-obligation quote on the bond premium. After that, we’ll have you pay the premium and sign some paperwork. Lastly, you choose how you want your Proprietary School Bond mailed out. The options are USPS Priority Mail or Overnight, for an additional fee.
Surety1 has been in the business of issuing surety bonds since 2003. Our excellent service is evidenced by our A+ Rating by the Better Business Bureau.