What is a Georgia Nonpublic Postsecondary Educational Institution Bond?
Learn about what this surety bond is for and how to easily apply for one!
This surety bond is required of all nonpublic postsecondary educational institutions in the State of Georgia by the Georgia Nonpublic Postsecondary Education Commission in order to be given permission to operate.
Postsecondary educational institutions are nonpublic colleges, universities, or proprietary schools that offer the following:
- Provides educational services to those who have completed secondary education or those who have surpassed the maximum age limit for high school students
- Any type of post-secondary activity
- Postsecondary degree and certificate
The surety bond is a security measure in case the nonpublic postsecondary educational institution violates any state laws, rules, and regulations. If this happens, the surety bond will compensate the enrollee, student, parent, or guardian who have suffered damages because of the violation. The Tuition Guaranty Trust Fund will be indemnified as well.
The requirement is in compliance with Section 20-3-250.10 of the Georgia Code.
What is the Nonpublic Postsecondary Educational Institution Bond amount?
The bond amount will be based on either the previous year or the estimated gross tuition of the nonpublic postsecondary educational institution for the current year, whichever is higher.
Minimum Bond Amount
$0.00 – $ 50,000.00 = $20,000.00
50,001.00 – 100,000.00 = $30,000.00
100,001.00 – 200,000.00 = $50,000.00
200,001.00 – 300,000.00 = $75,000.00
300,001.00 – 400,000.00 = $100,000.00
400,001.00 – 500,000.00= $150,000.00
500,001.00 and over = $200,000.00
You can pay as little as 1% for your bond premium! If you want to find out what you need to pay, GET YOUR FREE QUOTE HERE today!
How can I get a Nonpublic Postsecondary Educational Institution Bond?
STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, you may do so HERE!
STEP 2: Underwriting
We will ask you a couple of important information needed for the bond. This will include your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.
STEP 3: Bond execution
Once the underwriter is done with the underwriting process, we will immediately issue the bond and send it to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of Georgia
- The surety bond should be made payable to the State of Georgia
- The nonpublic postsecondary educational institution should comply with all the provisions of the Nonpublic Postsecondary Educational Institutions Act of 1990, the rules and regulations of the Georgia Nonpublic Postsecondary Education Commission, and all the other applicable rules
- If the nonpublic postsecondary educational institution commits a valid violation, the aggrieved party will be eligible to file a claim on the surety bond
- In case of cancellation, a 30-day notice is required
Ready to apply for your surety bond? START HERE!