Kentucky Postsecondary Education Bond |
AmeriPro Surety Bonds | 844-589-9732
Postsecondary Schools – Kentucky
The Council on Postsecondary Education is Kentucky’s governing body which regulates the licensing of postsecondary schools.
The surety bond requirement, a prerequisite for licensing, is met by compliance with the following:
- You must obtain a surety bond in an amount that is equal to or exceeds your projected unearned tuition. This is based upon what you expect the enrollment will be and the anticipated tuition revenue will be from that enrollment;
- The amount of the projection needs to be certified by an independent certified public accountant. You will need to provide a statement to the Council, along with a surety bond. (Our agency will request a copy of that statement).
The Bond’s Term
By statute, the Kentucky postsecondary education bond will have an expiration date on June 30th.
Qualifying and the Premium
For any dollar amount up to and including $50,000, applicants for the Kentucky postsecondary education bond will need to merely complete an application and pay the premium, which is 1% for a full term.
There is no credit check nor underwriter review for this surety bond up to $50,000. The bond will be issued to you immediately upon payment of the premium with no delay.
Applicants who require a surety bond greater than $50,000 will complete the same surety bond application, and there will also be a credit review.
Applicants who are approved will require good credit and will pay just 1% of the amount required.
Prorating of the Premium
Since the bond has an expiration date of June 30th of the same or following year, depending on when the bond is purchased, the premium may be prorated.
The Purpose of this Surety Bond Requirement
While this surety bond is required of your postsecondary school, its purpose is for the benefit of your enrolled and tuition paying students. The surety bond protects the tuition paid by your students in 3 key ways:
- If a student is unable to complete their education due to the closing of a postsecondary school;
- If there is any fraud or misrepresentation used to gain a student’s enrollment;
- If there is any fraud or misrepresentation on the part of the licensee in the attempt to become licensed as a secondary school.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit surety bonds throughout Kentucky.
Please call our agency today at:
Or, you may fill out the form below and an agent will contact you…