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How much does a postsecondary school bond cost in D.C.?
The District of Columbia Education Licensure Commission requires non-degree postsecondary schools to post surety bonds in varying amounts. The required bond amount is based on the number of students the school has enrolled as well as the amount of annual net tuition received. Schools with up to 50 students that receive up to $100,000 in annual net tuition must post $5,000 bonds. Schools with 51 to 150 students or schools that receive $100,001 to $1,000,000 in annual net tuition must post $10,000 bonds. Schools with 151 or more students or schools that receive $1,000,001 or more in annual net tuition must post $20,000 bonds.
Before your apply for your bond, you should have the following information readily available.
- What type of services the school offers
- The estimated number of students enrolled
- How tuition payments are accepted
- The anticipated annual tuition amount
These bonds are subject to underwriting, so the price you’ll pay for your bond depends on a review of your personal credit report. Most surety underwriters will require current business financials and personal financial statements for all school-related bonds. Request a free bond quote now to determine your exact premium!
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form. We’ll get you the bond you need quickly, easily and accurately.
Why do I need this bond?
District of Columbia school bonds ensure that principals (school operators) comply with the provisions of the D.C. Education Licensure Commission Act of 1976, D.C. Law 1-104 (D.C. Code Sec. 38-1302) and all related regulations. If the principal fails to conduct business according to these terms, the bond protects the District of Columbia and any person aggrieved by the violation(s). If a valid claim is filed against the bond, the surety will provide reparations for damages up to the full amount of the bond. The principal would then be required to reimburse the surety for all claims paid out.
For more information about postsecondary school bonds in the District of Columbia, contact a surety expert online now!
What’s the fine print?
If the school is operated by an individual, the individual’s full name (middle initial) must be on the bond form. If the business is a partnership, the full name (middle initial) of each partner must be listed on the bond form. If the business is a corporation, the name of the corporation must appear on the bond form exactly how it appears on the corporate seal.
The bond form must also include the street address(es) where business is conducted.
How to become a non-degree granting postsecondary school in Washington DC
To license a non-degree postsecondary school in the District of Columbia, applicants must submit:
- Formal request by letter
- Completed provisional application
- Mandatory supporting documents
- Required fee(s)
Complete licensing information can be accessed from the “Additional Resources” section of this page.