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How much does an Idaho private school bond cost?
The Idaho State Board of Education requires each proprietary school in the state to maintain a surety bond for the benefit of students. Bond amounts vary depending on the total amount of student tuition collected in the previous year and are subject to underwriting.
These bonds are subject to underwriting, which means that the cost applicants will pay is dependent on their credit report.
Don’t worry if you have credit issues. Our team of experts is here to get your the best price available, no matter your financial situation. Request a free bond quote now! You can also contact a surety bond expert by calling 1 (800) 308-4358.
Why do I need a proprietary school bond in Idaho?
Idaho proprietary school bonds ensure that principals (proprietary schools) abide by all rules and regulations stated in the Idaho Statutes and their own administrative codes as given to students. Some acts prohibited by this bond include, but are not limited to:
- failing to abide by student contracts
- losing accreditation
- refusing inspection
- distributing false or misleading information to students or the Board
If these laws are broken, a claim can be made against the bond to compensate students or the state for financial loss.
Considerations for Idaho proprietary school bonds
The bond form must list the bond amount, the rate it’s issued at, the annual premium, and the full term.
These bonds must remain in force for as long as the school is registered with the state. If the bond is to be canceled, the surety must provide 120 days' notice to the Idaho State Board of Education.
How to become a proprietary school in Idaho
Purchasing your surety bond is just the first step in becoming a registered proprietary school in Idaho. In addition to your surety bond, the following materials must also be included in a complete registration packet:
The director needs to submit a valid Certification of Compliance. Other needed documents include:
- Copies of instructors' resumes and current state licenses, if applicable
- Written agreements with any other entities providing materials or instruction, if applicable
- Description of financial resources, including refund plans
- Policies and procedures, including hiring, student records, and admission/expulsion
- Copies of marketing and advertising materials
- Copies of agents' certificates of identification
- Information sent to students and/or prospective students in writing
- The application must be submitted via email to [email protected], along with the necessary documentation. The $100 nonrefundable initial registration fee must be mailed to: Idaho State Board of Education , ATTN: State Authorization Program Manager, P.O. Box 83720, Boise, ID 83720‐0037.
Purchase a surety bond in the appropriate amount determined for your facility. The surety bond form, as well as a surety bond calculator worksheet, can be accessed here.