Oklahoma Private School Bond Guide
If you’re opening a private school in Oklahoma, you need a surety bond for licensing.
Bond Overview
- Purpose: To protect private schools students and the state from financial harm
- Who Needs It: Private vocational and trade schools in Oklahoma
- Regulating Body: The Oklahoma Board of Private Vocational Schools
- Required Coverage: $5,000–$50,000, as determined by the Board
- Premium Rate: 1–10% based on credit score
We’ll outline everything you need to know about the bonding process in this complete guide.
What Is an Oklahoma Private School Bond?
A private school bond is a financial guarantee that a vocational or trade school will meet state licensing laws and fulfill student contracts.
This type of surety bond is required as part of the licensing process for most private, postsecondary schools in Oklahoma.
How Much Do Private Vocational School Bonds Cost in Oklahoma?
Oklahoma private school bonds cost a small percentage of the coverage amount — starting at 1%. For example, a $10,000 bond costs $100 for highly-qualified applicants.
Get your free, no-obligation quote now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does an Oklahoma Private School Bond Work?
When you file this surety bond, you enter a financial contract between three parties:
- Principal: The school owner(s) filing the bond
- Obligee: The Oklahoma Board of Private Vocational Schools
- Surety: The provider issuing the bond
As the principal, you are responsible for upholding the bond terms. This includes refunding prepaid tuition if the school goes out of business and following all state licensing laws.
Who Needs a Private School Bond?
Under Oklahoma Statutes Title 70, privately owned entities providing postsecondary vocational/technical education must be licensed and bonded before soliciting students or offering programs.
Filing a surety bond is a critical part of the licensing process that demonstrates financial responsibility to the state and your prospective students.
Some types of schools are exempt from licensing. See all exemptions here.
How Do I Get a Private Vocational School Bond in Oklahoma?
Get your bond quickly and easily by following these steps:
- Verify the bond amount you need
- Apply for a bond quote
- Sign the indemnity agreement and pay for your bond
- Receive your bond via email
- Sign and submit the bond documentation
If you have any questions along the way, our friendly surety experts are available to help Mon–Fri from 7 am to 7 pm.
How Do I Renew My Private Vocational School Bond?
These bonds expire annually on June 30th. To renew your bond, pay your renewal invoice and file the continuation certificate with the Board of Vocational Schools.
