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How much does a Georgia nonpublic postsecondary school bond cost?
Georgia’s Nonpublic Postsecondary Education Commission requires nonpublic postsecondary educational institutions to post surety bonds in varying amounts that are determined by the school’s amount of gross tuition during the previous year. If the school is a new establishment, the required bond amount is based on the amount of estimated gross tuition for the current year.
Because these bonds are school-related, surety underwriting companies require current business financials and a personal financial statement to underwrite these bonds. Having these documents readily available will expedite the bonding process and could help you get approved at a lower rate.
Why do I need this bond?
By posting a Georgia nonpublic postsecondary educational institution surety bond, principals (nonpublic postsecondary schools) pledge to conduct business in accordance with the provisions of the Nonpublic Postsecondary Educational Institutions Act of 1990 (O.C.G.A. 20-3-2.50.1). These bonds guarantee that principals will reimburse students/tuition payers for tuition and other fees if the school cannot deliver services for which it was contracted.
If the principal fails to conduct business according to the terms of the surety bond contract, the surety will pay up to the full bond amount to the entity who suffers financial loss as a result of the principal’s violation(s). The principal must then reimburse the surety for all damages paid out.
What’s the fine print?
Nonpublic postsecondary educational institution bonds in Georgia remain in full force and effect until canceled. The surety can cancel this bond at any time by proviing written notice of cancellation via registered mail to the Nonpublic Postsecondary Education Commission at least 30 days prior to the cancellation’s effective date.
How to become a private postsecondary school in Georgia
A nonpublic postsecondary education institution in Georgia must follow certain protocols before it can legally enroll students. The following documents must be completed and submitted to the NPEC:
- Application for Certificate of Authorization
- Financial Statement
- Minimum Standards Self-Evaluation Summary Form
- Personnel Data Inventory
- Program of Instruction Outline
- Director’s Agreement Form
- Records Agreement Form
- Application for Agent’s Permit Form(s)
Additional information to be created by the applicant and submitted with the initial application must be included, and each piece of information should be submitted as a separate document that is identifiable by Exhibit letter:
- Exhibit B: Entrance requirements description
- Exhibit C: Entrance information provided to students
- Exhibit D: Student contract (required for non-degree institutions)
- Exhibit F: Educational goals for the institution
- Exhibit G: Certificate or diploma
- Exhibit H: Statement of business practices and advertising policies
- Exhibit I: Description of facilities and equipment
- Exhibit J: Description of placement services
- Exhibit L: Current catalog or similar publication
- Exhibit M: Occupancy Permit: Enclose a copy of the occupancy permit.
- Exhibit N: Grievance Policy
- Exhibit O: Refund Policy (Must be at least as favorable to the student as GNPEC refund policy, which can be found in Standard Nine of the Minimum Standards).
For complete licensing information, visit the Additional Resources section of this page.