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How much does a postsecondary education institutions bond cost in Tennessee?
In-state postsecondary educational institutions must post a $10,000 bond, while out-of-state establishments must post a $20,000 bond.
The cost of a postsecondary educational institutions surety bond depends directly on the type of institution the applicant operates, combined with the strength of their financial credentials, but highly qualified applicants are typically approved for as little as 1% of the bond amount. Because this surety bond is school-related, most surety underwriting companies require additional financial credentials to underwrite it. Having your current business financials and a personal financial statement handy when you speak with a SuretyBonds.com surety specialist will help speed up the bonding process.
If you’re ready to get the Tennessee postsecondary school bond you need, give us a call 1 (800) 308-4358 or submit an online bond request. Our experts will set you up with the bond you need quickly, easily, and accurately!
Why do I need this bond?
Tennessee postsecondary educational institutions bonds provide compensation for any enrollee, student, parent, or guardian who has suffered financial loss as a result of a principal (postsecondary educational institution) conducting dishonest business. These violations include, but are not limited to:
- having an unfair cancellation or refund policy
- not maintaining student housing
- not keeping adequate records of students’ grades, attendance, performance, and progress
If you’re ready to get bonded, give us a call at 1 (800) 308-4358 or submit an online contact form! Our surety professionals are ready to answer your questions and walk you through each step of the bonding process.
What’s the fine print?
Tennessee postsecondary educational institutions bonds are required by the Tennessee Higher Education Commission. The signature of whoever signs the bond on behalf of the school must be notarized. This bond is continuous until canceled. The surety company must provide written notice of the bond’s cancellation to the Commission at least 60 days in advance.
How to start a postsecondary educational institution in Tennessee
Applicants planning to open a postsecondary educational institution must submit a complete application. For the full list of licensing requirements, navigate to the “Additional Resources” section. A few of the many requirements you should expect to provide include:
- a copy of the institution’s state charter
- the address and general description of facilities
- a list of instructional equipment for each program
- qualifications for instructional staff/supervisors, among many other requirements
Depend on SuretyBonds.com for all of your bonding needs! Submit a bond request during our business hours, and one of our surety specialists will call you almost immediately to help you start getting bonded.