In Nevada, those who hold a private postsecondary educational institution license must have a surety bond on file with the Commission on Postsecondary Education. The Private Postsecondary School Bond is used as a way to guarantee that students will be reimbursed for their tuition if the school closes or is unable to provide education.
When you choose Jet Insurance Company for your Private Postsecondary Educational Institution Bond, you are working directly with the insurance company that is vouching for you. This means you won’t have to deal with any brokers or agents that slow down the process of getting your bond and add on commission and unnecessary fees.
With Jet, your Private Postsecondary School Bond starts at $15 per month or $150 per year for a $10,000 limit. The bond’s limit is determined by the Commission in an amount that will be enough to cover reimbursement for all students’ tuitions. An evaluation of the bond’s limit and your credit score will determine your quote, but financial statements may also be required.
Jet’s exclusive monthly payment plan allows you to make payments that are a small fraction of your bond limit (an option that becomes more attractive as the limit increases). If you prefer to pay in full, you can purchase the bond annually or in multi-year terms.
The Commission on Postsecondary Education regulates private postsecondary educational institutions to ensure that, in the school’s closure, students will be able to recover their tuition for an education that was not fulfilled. The Private Postsecondary School Bond strengthens this by being an avenue for reimbursement. Jet's role as a third-party guarantor is to provide immediate restitution to the student in the event of a claim.
Although the Commission also established the Account for Student Indemnification, refunds will first be sought from the bond before drawing from the Account.
With our online application, you can apply for a Private Postsecondary Educational Institution Bond within minutes! You will only be asked for the necessary information to get you a quote, including your social security number that is used for the soft credit check (not to worry, this doesn’t impact credit scores). Once the application is complete, you will receive a quote for your bond that is ready to purchase online.
If your bond limit is more than $15,000, the application must be reviewed by a Jet underwriter. If additional paperwork is needed, it will be requested. Following a short review, you will be emailed an approved rate that you can purchase.
After payment is received, Jet will send you a digital copy of your bond and a receipt to keep for your records.
Jet will prepare the Private Postsecondary School Bond form and mail it to you. You are responsible for signing the bond with a notary public before submitting it to the Commission at the following address:
Nevada Commission on Postsecondary Education
2800 E St Louis Ave
Las Vegas, NV 89104
To cancel your bond, all we need is a written request in the form of a letter to our office or an email to firstname.lastname@example.org. We will notify the Commission of the cancellation request and they will begin the 30-day cancellation period.
After Jet is no longer liable, our team will calculate whether a refund is available for bonds purchased on an annual or multi-year basis. Monthly payments are not eligible for refunds.
It is worth mentioning that an active bond is required during the course of the private postsecondary school license. If cancelling the bond with Jet, you need to replace the bond if you plan on continuing operations.
Jet will send you a notice of renewal before the end of the term for your Private Postsecondary School Bond. Simply fill out the form and pay for the bond, online or through the post.
For those paying monthly, renewals are not necessary; each payment made keeps your bond active for another month.
The main purpose of this bond is to make sure that tuitions are returned if a private postsecondary educational institution closes. The license holder is obligated to follow the Nevada Revised Statutes, from Section 394.383 to Section 394.560.
If there is a violation of these statutes, the Commission will commence disciplinary action by notifying the licensee of the violation; if the licensee fails to schedule a hearing to dispute the accusation, the action will proceed. The Commission may fine the licensee up to $10,000 or even revoke the license, leading to premature closure of the school. The school must then refund the students for their tuition.
Additionally, a formal complaint may be filed within one year of the violation or the last day the student attended for the Commission to investigate under the Nevada Revised Statute 394.520. A request for a hearing must be made within 15 days of the Commission notifying the school license holder or the accrediting body of the violation, or else the Commission’s decision is final. If the hearing takes place and the Commission finds the school in violation, the school may be required to return half or all of the tuition, under the Commission’s verdict.
Whether the school is closed by the choice of the license holder or as a result of disciplinary action, the costs made by a student, enrollee, or their parent or guardian must be refunded. Failure to do so will result in a claim on the Private Postsecondary School Bond.
If you receive a claim on your bond, contact Jet right away. The Commission will provide us with evidence of the claim accusation. If there is a way to return tuitions, now would be the time to do it before the claim is paid out. Within 60 days of the Commission’s notice, Jet must pay out the claim.
Since bonds are paid out on your behalf as a result of your actions, you are obligated to pay Jet back in the amount that was paid out.