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Minnesota Private School Bond

How much does a private school surety bond cost in Minnesota?

According to the Minnesota Private Career School Act, a private school surety bond must be posted in an amount equal to 10% of the institution’s preceding year’s gross income from student tuition and other institutional charges. Minnesota private school surety bonds must be in the amount of at least $10,000 but no more than $250,000. A larger bond may be purchased at the school’s discretion.

Private career school student records bonds are required in the amount of $20,000 to ensure that all licensed institutions provide an acceptable agreement to the Minnesota Office of Higher Education (OHE) regarding the maintenance of student records. OHE requires this bond to ensure a third party will hold student records in the event of the closure of a private school.

Minnesota blanket private career school solicitor’s bonds must be posted in the amount of $2,000 by any person seeking a permit to solicit students who reside in Minnesota as a way to enroll them in a private career school.

Because these bonds are school-related, most surety underwriting companies will require additional financial credentials as part of the application process. Having your current business financials and a personal financial statement handy when you speak with a SuretyBonds.com surety specialist will speed up the bonding process.

Applicants with good credit can expect to pay just 1-3% of their total required bond amount. Since both the bond amount and price vary, it’s best to call us at 1 (800) 308-4358 or submit an easy online contact form for a free, personalized bond quote.

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Private School Bond $10,000-$250,000 Starts at 1% 4-8% 10%+ Apply Now
Private Career School Student Records Bond $20,000 Starts at $200 $800-1,600 $2,000+ Apply Now
Blanket Private Career School Solicitor's Bond $2,000 Starts at $100 $150-200 $200+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form. It’s that easy!

Why do I need this bond?

Minnesota private school surety bonds are required by the Minnesota Office of Higher Education and are conditioned upon the faithful performance of all contracts and agreements made by the principal (private school operator) with students. This bond is put in place for the protection of students and as a way to ensure that all private schools perform as expected. Specifically, this bond ensures that all tuition already paid will be returned to students if the school ceases to operate.

If you’re ready to purchase a Minnesota private school surety bond, call our experts at 1 (800) 308-4358 or fill out our online bond request form today!

What’s the fine print?

A school with multiple locations can combine the gross incomes of all their facilities and buy one Minnesota private school bond to cover all school sites. If an institution is licensed by another state agency or board, and is only required to buy this bond because of the use of the words “academy”, “institute”, “college” or “university” in its name, the bond amount needed may only be $10,000. Failure to post and maintain this bond can result in denial, suspension or revocation of a school’s license.

The principal’s signature on the bond form must be witnessed by a licensed notary. The bond is continuous until canceled, and the surety company must provide the state with at least 60 days notice before canceling the bond.

How to start a private school in Minnesota

The Minnesota Office of Higher Education has a number of specific licensing requirements, which you can access by navigating to the “Important Links” section of this page. Some general requirements include, but are not limited to:

  • applicant must post a surety bond in the appropriate amount
  • school must be sufficiently equipped to handle the quantity of students enrolled
  • school must employ enough staff and teaching personnel for the number of students enrolled
  • school must have an adequate organizational framework
  • campus must have sufficient and sanitary working and study conditions
  • school and its owner(s) cannot have been found guilty of fraud or misrepresentation

Our surety specialists are standing by to answer your questions. Take the first step in the licensing process by getting bonded with SuretyBonds.com! Simply give us a call at 1 (800) 308-4358 or submit a bond request to get started!

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The Minnesota Office of the Revisor of Statutes

The Minnesota Office of Higher Education School Licensure and Registration

The Minnesota Office of Higher Education Private Career School License Form

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