Pennsylvania Private School Bond Overview
- Purpose: To protect tuition payers from financial loss if a school closes
- Who Needs It: Private post-secondary and higher education schools in Pennsylvania
- Regulating Body: The Pennsylvania State Board of Private Licensed Schools
- Bond Amount: $10,000–$100,000 based on gross annual tuition
- Minimum Price: 0.75% of the coverage amount; credit-based
What Is a Pennsylvania Private School Bond?
The Pennsylvania State Board of Private Licensed Schools requires any private postsecondary, higher education or career-specialty school to have a minimum $10,000 surety bond.
Pennsylvania private licensed school bonds are a financial guarantee that students will be reimbursed for pre-paid tuition if the school closes.
Bond Coverage Requirements for Pennsylvania Private Licensed Schools
If your school collects less than $500,000 of gross tuition each year, you just need $10,000 coverage. However, if you collected more than $500,000, you’ll need additional coverage.
For every $500,000 of gross annual tuition collected, you need an additional $10,000 of coverage. So, if you collected between $500,000 and $1,000,000 in the last fiscal year, you’ll need a $20,000 surety bond.
Note: Coverage caps at $100,000.
How Much Do Private School Bonds Cost in Pennsylvania?
Pennsylvania private school bond premiums vary based on coverage amount and credit score. Most applicants qualify for a premium of just 1%. Apply for your free quote today!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Pennsylvania Private School Bond Work?
When you get a private school bond, you enter a three-party contract.
| Bond Party | Description |
|---|---|
| 1) Principal | You, the private school owner(s) |
| 2) Obligee | The PA State Board of Private Licensed Schools |
| 3) Surety | The issuing surety provider |
If your school closes, a claims could be filed on the bond and the surety would reimburse tuition payers up to the full bond amount. Then, you must reimburse the surety.
How Do I Get My Bond?
Get your Pennsylvania private 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?
You’ll get your free quote in one business day or less. After checking out, you can find your bond form in your email within minutes!
How Do I File My Bond?
File your bond with the Board at the following address or with your New School Application:
Pennsylvania State Board of Private Licensed Schools
333 Market Street
Harrisburg, PA 17126
Can I Get Bonded With Bad Credit?
Most likely, yes! We approve 99% of applicants. If you’re worried about qualifying, read about our bad credit options and premium financing.
How Do I Renew My Private School Bond?
Pennsylvania private 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 and file your continuation certificate. If your bond amount needs to be increased at renewal, contact us for assistance.
Can 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 with your request:
- 1(800)308-4258
- [email protected]
How to Register Your Private Licensed School in Pennsylvania
Register your Pennsylvania private college or career school by completing the following steps:
- Attend the New School Orientation Seminar.
- Complete the New School Application.
- Get a $10,000 surety bond.
- Pay applicable fees online.
Board staff and the Financial Review Committee will review your application and ensure all supplies are properly submitted. Additional documents or steps may be required during or after submission.
Learn more about applying for registration in the Private Licensed Schools Applicant Resources.
New School Registration Costs
You’ll pay at least $8,550 to register your new private postsecondary school. View the chart below to see all potential costs.
| Fee Type | Fee Amount |
|---|---|
| Seminar Fee | $300 |
| New School Application | $7,500 (includes one program) |
| Additional New Program Applications | $1,400 per program (three program applications allowed at a time) |
| School Location Site Visit | $750 |
| Remote Location Site Visit(s) | $750 per site |
| Admission Representative License | $600 each |
| Surety Bonds Premium | Typically $100 |
