Michigan Proprietary School Bond
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How much will my Michigan private school bond cost?
Michigan proprietary school bond amounts vary depending on the total fees paid to the institution by students who have not yet completed their courses. The cost of this specific bond is subject to underwriting and requires an assessment of the applicant’s personal credit report.
To speed up the bonding process, have your current business financials and a personal financial statement available. Most surety underwriting companies require these credentials to produce school-related surety bonds.
If you have any questions about the amount or cost of the bond you need, give us a call at 1 (800) 308-4358 or fill out an instant surety bond request.
Why do I need this bond?
Michigan proprietary school surety bonds protect individuals from financial loss resulting from not being able to complete a class or program because the principal (proprietary school) shuts down. If an institution ceases to offer courses but refuses to refund students’ tuition, a claim can be filed against the bond. The surety will compensate tuition payers for any damages, but the principal is ultimately responsible for reimbursing the surety.
What’s the fine print?
When purchasing a Michigan proprietary school surety bond, applicants must know the name of the school and the school’s main address.
Michigan proprietary school surety bonds expire annually on June 30. If the bond is canceled or otherwise terminated prior to this date, the surety underwriting company must inform the state.
Existing schools must use the current number of full-time students enrolled in the school to determine the required surety bond amount. New establishments must project the number of full-time students that will be enrolled to determine the bond amount. This figure is subject to readjustment 60 days following the start of the program.
How to start a proprietary school in Michigan
To become licensed to operate a private school in Michigan, an applicant must submit an application that contains information about the school’s curriculum, instruction, facilities and administration for the department’s evaluation.
The department will issue an applicant school a permit for a 12-month period before issuing a license. A permit authorizes the applicant to offer specific programs at a definite location under the management as stated on an application. A separate permit is required for each location at which instruction is offered, except a school can offer instruction at an alternative classroom or a public assembly site without obtaining a separate permit for that location. The department will issue a license if an evaluation of the school shows that it has been in compliance with the act and rules throughout operation in the previous 12 months.
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