A private postsecondary education bond is required by the State of Arizona as a prerequisite for a private postsecondary institution to legally operate in Arizona.
A private postsecondary education bond is required by the State of Arizona as a prerequisite to obtain a license to legally operate a private postsecondary institution in Arizona.
The Arizona State Board for Private Postseconedary Education is charged with licensing and regulating private postsecondary private institutions operating vocational programs and granting degrees within the State of Arizona. The Board issues two different types of licenses: vocational and degree-granting.
Applicants for a license to operate a private postsecondary educational institution are required by the State of Arizona to obtain a bond.
You are required to obtain a surety bond whether your postsecondary private institution is degree-granting or offers vocational programs.
The Arizona State Board for Private Postseconedary Education uses the following guidelines to determine the amount of the surety bond required:
A minimum amount required for all applicants and licensees is $15,000.
For accredited institutions, if the annual gross tuition revenue (GTR) is less than $400,000, 15% of annual GTR is to be added to the $15,000 surety bond amount. If the annual GTR is greater than or equal to $400,000, 10% of annual GTR is to be added to the $15,000.
For non-accredited institutions, if the annual GTR is less than $400,000, 20% of annual GTR is to be added to the $15,000 surety bond amount. If the annual GTR is greater than or equal to $400,000, 15% of annual GTR is to be added to the $15,000 surety bond amount.
Colonial offers the direct and digital way to obtain an Arizona private postsecondary education bond. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are simple — get a quote online, fill out your information, and enter your payment method. Print your bond from your home or office. It’s that simple!
An Arizona private postsecondary education bond is reasonably priced and easy to obtain. You may notice that with other insurance agents and middlemen companies, your premium rate will fluctuate and include additional hidden fees and costs. Colonial offers our lowest possible rate. Premium is based on the amount of the bond required by the applicable government agency.
It is important to understand how surety bonds work, and who is the insurance company issuing your bonds. It is easy to obtain an Arizona private postsecondary education bond when you deal direct with a quality insurance company licensed to write surety bonds. Colonial is an A (Excellent) rated insurance company by A.M. Best, that has been incorporated since 1930. We are Treasury listed, and licensed and admitted in all U.S. states and territories.