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New Jersey
Student Loan Servicer Act Bond

400,000+ Bonds issued to 250,000+ satisfied customers.

Coverage Amount: $30,000
Term Length: 1 year
Cost: $300
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New Jersey Student Loan Servicer Act Bond Guide

If you’re applying for a student loan servicing license in New Jersey, you’ll likely need this surety bond. 

Bond Overview

  • Purpose: To ensure student loan servicer acts uphold states laws and handle funds properly
  • Who Needs It: Student loan servicing licensees in New Jersey
  • Regulating Body: The New Jersey Commissioner of Banking and Insurance
  • Required Coverage: $30,000
  • Premium Rate: $300 for a 1-year term

Learn all about the bond requirements and process in this guide. 

What Is a New Jersey Student Loan Servicer Act Bond?

A New Jersey student loan servicer act bond ensures that servicers uphold all state regulations, pay any sums owed to the state, and properly handle funds.

How Much Do Student Loan Servicer Act Bonds Cost?

A $30,000 New Jersey student loan servicer act bond costs a flat rate of $300 for a 1-year term. Or, you can select a multi-year term and get 25% off your premium.

Bond Type
$30,000Student Loan Servicer Act Bond

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

Who Needs a Student Loan Servicer Act Bond? 

The New Jersey Commissioner of Banking and Insurance requires this bond as part of the licensing process for student loan servicer acts in the state.  

How Do I Get My Bond?

SuretyBonds.com provides the fastest and easiest way to get a New Jersey student loan servicer act bond. You can checkout instantly online—no application or credit check required. 

We’ll upload the bond directly to NMLS and send you an email with a link to sign and save a copy for your records. 

If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance. 

How Does a New Jersey Student Loan Servicer Act Bond Work? 

A student loan servicer act bond creates a legal contract between these three parties: 

  1. Principal: You, the student loan servicer act filing the bond
  2. Obligee: The New Jersey Commissioner of Banking and Insurance requiring the bond
  3. Surety: The provider issuing the bond

This holds you financially responsible for upholding the provisions of the New Jersey Student Loan Servicer Act. 

If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you must ultimately refund the surety. 

How Do I Renew My Bond?

These bonds expire annually. To renew your student loan servicer act bond, simply pay your renewal invoice when prompted. 

We’ll begin contacting you by phone and email 90 days before the expiration date. 

More Resources

Call 1 (800) 308-4358 to talk with a Surety Expert

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