Wisconsin Special Needs Scholarship Program Bond Guide
If your school is applying to participate in the Wisconsin special needs scholarship program (SNSP), you’ll likely need this surety bond.
Bond Overview
- Who Needs It: Private schools in Wisconsin offering special needs scholarships
- Purpose: To ensure that participating private schools remain in good economic standing
- Regulating Body: The Wisconsin Department of Public Instruction
- Required Coverage: $1,000–$130,000
- Premium Rate: 0.8–10%, based on credit score
Learn all about the bond requirements and process in this guide.
What Is a Wisconsin Special Needs Scholarship Program Bond?
A Wisconsin special needs scholarship program (SNSP) bond is required for schools that are at risk of not being able to repay the expected SNSP scholarship amount in full.
The bond protects the Department of Public Instruction (DPI) if a school:
- Fails to timely file a financial audit or enrollment report
- Fails to refund the department in a timely manner
- Fails to refund the department after it has stopped (or is banned from) participating in the program
How Much Do Special Needs Scholarship Program Bonds Cost?
The required Wisconsin SNSP bond coverage is equal to 25% of the scholarship amount that your school is expected to receive for the year.
Your premium rate will cost a small percentage of the required coverage amount based on personal credit score. Rates are typically between 0.8% and 10%. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs an SNSP Bond?
This bond is often required for private schools in Wisconsin that expect to receive $50,000 or more in special needs scholarships through the state.
You only need to get a bond if the DPI determines that you do not meet their financial requirements or if you fail to submit a budget and cash flow report by the March deadline.
To determine if you meet the requirements, submit the following to the DPI:
- A budget and cash flow report
- The school’s financial audit
- Proof of timely payments for funds owed
If you don’t meet the requirements, they will email you a bond form.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Wisconsin special needs scholarship program bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll mail you the bond via your preferred shipping method. Be sure to file it with the DPI by the beginning of June to participate in the program.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Wisconsin Special Needs Scholarship Program Bond Work?
A special needs scholarship program bond creates a legal contract between these three parties:
- Principal: You, the private school filing the bond
- Obligee: The Wisconsin Department of Public Instruction requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of Wisconsin Statute 115.7915.
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 special needs scholarship program bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
