Pennsylvania Private Academic School Bond Overview
- Purpose: To protect parents and guardians from financial loss in the case of school closure
- Who Needs It: Private elementary and secondary schools in Pennsylvania
- Regulating Body: The Pennsylvania State Board of Private Academic Schools
- Required Coverage: $10,000–$250,000 based on gross annual tuition
- Premium Rate: Credit-based; typically 1–4% of the coverage amount
What Is a Pennsylvania Private Academic School Bond?
The Pennsylvania State Board of Private Academic Schools requires any private elementary or secondary school to have a minimum $10,000 surety bond.
Pennsylvania private school bonds are a financial guarantee that parents and guardians of enrolled students will be reimbursed for pre-paid tuition if the school closes.
Bond Coverage Requirements for Pennsylvania Private Schools
If you require prepaid tuition, you need a minimum $10,000 bond coverage. The exact bond coverage depends on if you are a new school or just renewing your license.
First License Term
Initial bond coverage is equal to the number of enrolled students times your school’s prepaid tuition rate.
Renewal Terms
If you’re renewing your license and bond, your coverage must equal $10,000 for every $100,000 of prepaid tuition collected during the previous year. There is a cap at $250,000.
If you collect less than $100,000 in tuition each year, you only need a $10,000 surety bond.
How Much Do Private Academic School Bonds Cost in Pennsylvania?
Pennsylvania private academic school bonds require underwriting. We’ll conduct a quick credit check and assess additional factors to determine an exact rate.
Typically, most applicants with good credit qualify for a 1–4% premium. For example, if you need a $10,000 bond, you’ll likely pay $100 to $400. Apply for a free quote today!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Private Academic School Bond Work?
When you get a private academic school bond, you enter a three-party agreement.
| Bond Party | Description |
|---|---|
| 1) Principal | You, the private school owner |
| 2) Obligee | The PA State Board of Private Academic Schools |
| 3) Surety | The issuing surety provider |
If your school closes, a claim will be filed on the bond and the surety will reimburse prepaid tuition to affected parties. Then, you must reimburse the surety later on.
How Do I Get a Private Academic School Bond in Pennsylvania?
Get your private elementary or secondary school bond by following these easy steps:
- Verify required coverage.
- Apply for a quote.
- Pay the premium.
- File your bond.
How Fast Can I Get My Bond?
Get a quote in one business day or less! You’ll receive your bond form in the mail to file with the Board. Just select your preferred shipping method at checkout — we offer overnight, two-day and three-day shipping.
How Do I File My Bond?
File your bond with the Board at the following address:
Commonwealth of Pennsylvania
333 Market St
Harrisburg, PA 17101
Can I Get Bonded With Bad Credit?
We approve 99% of applicants. If you’re worried about qualifying, read about our Bad Credit Options.
How Do I Renew My Bond?
Pennsylvania private academic school bonds expire annually and can be renewed online or over the phone. We’ll send renewal reminders starting 90 days before the expiration date. Just follow the instructions and pay the renewal invoice.
How Do I Update My Bond Information?
Simple information like name and address can be updated with a bond rider. However, larger changes may require a new bond form.
Just contact our Customer Care Team for help:
- 1(800)308-4258
- [email protected]
How to Start a Private School in Pennsylvania
Private elementary and secondary education schools in Pennsylvania must review and comply with state code to become licensed. You must also attend an in-service training. Email [email protected] to request a registration form.
After the in-service training, you’ll receive a license application. Email your completed application and all required materials, including your surety bond form, to the same email address. Learn more about licensing private academic schools.
