Wisconsin Private School Bond Guide
In Wisconsin, private postsecondary schools must file a surety bond to be licensed. Learn all about how the bonding process works in this guide.
Bond Overview
- Purpose: To ensure schools follow state regulations and protect prepaid tuition funds
- Who Needs It: Most private trade and occupational schools in Wisconsin
- Regulating Body: The Wisconsin Educational Approval Board
- Required Amount: $1,000–$200,000, based on annual prepaid tuition
- Premium Rates: 0.75–3%, based on credit score
What Is a Wisconsin Private School Bond?
A Wisconsin private school bond protects students and tuition payers of private schools. If a school closes or the minimum standard requirements are not met, the students and their sponsors will be compensated by the surety for any prepaid tuition or fees up to the full bond amount. The school must then reimburse the surety for all damages paid out.
If you participate in the Private School Choice Program, you'll need a Wisconsin Private School Choice Programs Bond. We also issue separate Wisconsin School or Specialty School Bonds for cosmetology schools.
How Much Do Wisconsin Private School Bonds Cost?
Your Wisconsin private school bond amount will be determined based on the maximum prepaid, unearned tuition and fees of the school for either a semester, quarter or year. The bond premium will be calculated as a small percentage of that coverage amount, based on the applicant's personal credit report(s). Rates start as low as 0.75%, but can range up to 3%.
Depending on your credit rating, you may need to provide additional financials to receive your underwritten bond quote. Having current business and personal financial statements ready will be helpful when you work with our surety specialists to complete your application. Apply now to get started.
How Do Private School Surety Bonds Work?
Wisconsin private school bonds remain continuous unless otherwise canceled. If a surety decides to terminate this bond for any reason, written notice of termination must be given to the State of Wisconsin Educational Approval Board 30 days in advance.
In some cases, you can help lower the cost of a private school bond by providing the following information:
- The type of school
- The cost of tuition
- The length of the school term
- The number of students
- The programs offered
- The school’s attendance rate
Get started today by applying for a free quote.
