Maine Private Career School Bond Overview
- Purpose: To protect tuition funds if a school fails to uphold its contracts
- Who Needs It: All private business and trade schools in Maine
- Regulating Body: The Maine Department of Education
- Bond Amount: $20,000–$100,000, based on gross receipts
- Minimum Price: $200 or 1% of the bond amount, credit-based
What Is a Maine Private Business or Trade School Blanket Bond?
A Maine private business or trade school blanket bond protects students from financial losses caused by fraud or misrepresentation by the school. It also covers prepaid tuition funds if a school closes.
The Maine Department of Education (DOE) requires all private business, trade and technical schools to file a surety bond.
Bond Coverage Requirements for Maine Private Schools
If you’re opening a new school, you need a $20,000 bond. At renewal, your bond amount must equal 10% of your school’s gross receipts from tuition in the past 12 months prior or $20,000 — whichever is greater.
How Much Do Proprietary School Bonds Cost in Maine?
Maine proprietary school bonds start at $200, or 1% of the bond amount. Exact rates vary based on personal credit score. Apply today!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Maine Private School Bond Work?
When you file a Maine private school bond, you enter a three-party agreement.
| Bond Party | Description |
|---|---|
| Principal | The career school owner(s) purchasing the bond |
| Obligee | The Maine Department of Education requiring the bond |
| Surety | The issuing surety provider |
If the school doesn’t fulfill student contracts or breaks state regulations, harmed parties can file claims. The surety will initially pay out the claims up to your full bond amount. As the principal, you are responsible for refunding the surety.
How Do I Get Bonded?
If you’re ready to get bonded, fill out the quote request form on this page! We’ll run a soft credit check and send you your personalized price within one business day. Once you have your quote, you can buy the bond online at your convenience.
How Fast Can I Get My Bond?
The DOE requires the original, physical bond form. At checkout, you can select from overnight, two-day or three-day shipping. Rates are $20–$40.
Can I Get Bonded With Bad Credit?
You’ll likely be able to get bonded with bad credit, but you might pay a higher premium. Apply for a free quote with no impact on your credit score!
How Do I Renew My Trade School Bond?
Maine trade school bonds expire one year after the issue date. We’ll send you reminders starting 90 days before expiration. Just pay the invoice to extend your bond for another year.
Can I Make Changes to My Bond?
If your bond needs minor updates, just email [email protected] with the new information! We’ll issue a bond rider if possible which amends your current bond form.
How to Get a Proprietary School License in Maine
All proprietary technical schools in Maine need a license from the Department of Education. To apply, gather the following materials:
- $20,000 surety bond
- $100 licensing fee
- Certificates of inspection
- Financial statements
- Proof of accreditation
- Curriculum, school calendar and attendance policy
- Example student record forms
- Admission and graduation policies
- Instructor information
- Total cost to attend
Then, mail your application to the address below:
Higher Education Specialist
Department of Education – Office of Higher Education Services
23 State House Station
Augusta, Maine 04333
To speed up the processing time, the DOE recommends emailing your materials in PDF form to [email protected] in addition to the hard copies. Once reviewed, the DOE will contact you to set up a site visit.
Your license will expire annually on December 31. You must mail-in your renewal application at least 30 days beforehand.
