Student loan servicing companies, for a fee, help persons with student loan refinancing, combining different student loans into one payment, reducing payment of private and federally funded student loans, and other related services.
Beginning January 1, 2018, and thereafter, student loan companies, unless expressly stated otherwise by the state of California, are required to be licensed.
California student loans are regulated by the California Department of Business Oversight.
The department will not issue paper licenses for student loan servicing companies.
Some, but not all, of the licensing requirements for California student loan services include the following:
The application and required documents will be uploaded through the National Multi-state Licensing System (NMLS).
The California student loan servicer bond, once purchased by you, can be electronically filed by AmeriPro Surety Bonds on your behalf.
Once you purchase your surety bond, we will take care of the rest.
The surety bond you will be required to purchase are as follows:
Dollar Amount of Loans Serviced
$0-$50,000,000 $25,000 Surety Bond Required
$50,000,001 - $100,000,000 $50,000 Surety Bond Required
$100,000,001 - $250,000,000 $75,000 Surety Bond Required
Over $250,000,000 $100,000 Surety Bond Required
Applicants for the student loan servicer surety bond, regardless of the amount required, will pay only a fraction of the face amount.
The premium that will ultimately be paid will be determined, largely, by the following two criteria:
The surety bond amount (i.e. Is the California loan service bond for $25,000 or more?)
The applicant’s credit score.
We also provide surety bond services in all 50 states.
Allow us to provide your California student loan servicer bond in the amount require today: