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Ohio Autism Scholarship Program Bond
Private and public schools in Ohio looking to be a provider of the Autism Scholarship Program are required to be registered with the Department of Education and obtain a surety bond.
Jet provides the Autism Scholarship Program Bond to act as a financial guarantee for the Department if the program provider (public or private school) violates registration regulations and/or mishandles scholarship funds resulting in monetary damages.
If you are applying for registration with the Department of Education for the first time or simply renewing, the Jet team can help alleviate some of the stress of that process and get you your bond quickly and at an affordable price.
What Is the Bond Limit and Cost for the Ohio Autism Scholarship Program Bond?
The Ohio Department of Education approves your bond limit which must be in an amount equal to one-twelfth (1/12) of scholarship funds received for the previous school year. The minimum bond limit required is $10,000 with a maximum limit of $250,000.
At Jet, the cost of the Autism Scholarship Program Bond is based on a small percentage of the custom limit and the personal credit score of the applicant. Our prices for the minimum $10,000 limit start at just $100 annually. Please refer to the price chart below for additional examples of bond limits and our associated preferred credit tier rates.
| Bond Limit | Cost |
|---|---|
| $10,000 | $250 |
| $25,000 | $500 |
| $50,000 | $250 |
Jet Insurance Company doesn't work with middlemen brokers or agents who prolong the bond application process just to hike up their fees. The Jet team has worked hard to create an efficient bonding process for our applicants that includes direct service, quick processes, and pricing everyone can afford.
What Is the Purpose of the Autism Scholarship Program Bond?
The Ohio Department of Education created the Autism Scholarship Program so that qualifying parents or guardians of children with autism have the option to send their child to any private or public school with a special education program, regardless of their school district residence. Schools that want to be a part of this program must go through a nine-step registration process with the Department, which includes obtaining the Autism Scholarship Program Bond.
The purpose of the surety bond is to ensure funds will always be available for the Autism Scholarship Program, even in cases of program providers violating State regulations and committing criminal misappropriations of funds. The bond acts as a financial guarantee and Jet, as the surety company, will cover any losses faced by the Department and ultimately the Autism Scholarship Program Fund.
How to Apply for the Ohio Autism Scholarship Program Bond With Jet
Jet’s application for the Autism Scholarship Program Bond only takes a few minutes! The online application asks for some basic information such as the required Department bond limit, your contact info, and your social security number (no need to worry? the Jet team only runs soft credit checks so it will have no effect on your score).
Once you've completed and submitted your bond application, a Jet underwriter will send you over approved rate options that are immediately ready for purchase. Just fulfill payment and you will be emailed your receipt and a copy of the bond right away.
How Is the Ohio Autism Scholarship Program Bond Filed?
The Ohio Department of Education requires the original signed and sealed Autism Scholarship Bond to be filed with their office. Jet can take care of filing your bond for you, or if you would prefer to do it yourself you can be select that option at checkout.
The Department's mailing address can be found below:
Ohio Department of Education
25 South Front Street
Columbus, OH 43215-4183
If you are registering for the Program for the first time, further information about the application process can be found on the Department’s “Autism Scholarship Program Information for Providers” webpage.
Can I Cancel My Autism Scholarship Program Bond and Get a Refund?
Yes, you may cancel your Autism Scholarship Program Bond with Jet at any time! Just send us a written cancellation request at [email protected] and we will begin the process. A written notice that includes the required termination effective date will be sent to the Ohio Department of Education. Once received and approved, liability of your bond will be released within 30 days of the agreed-upon cancellation effective date.
As for refunds, Jet will review your bond for any unused premium once cancellation is requested. If there is any remaining premium available, a reimbursement will be issued to you as soon as the Department officially releases you and Jet of the bond’s liability.
How to Renew the Autism Scholarship Program Registration Bond
Renewing your bond with Jet is easy! The Jet team will send over a renewal invoice via email and mail far in advance of your bond term’s expiration date. Just fulfill payment and you’ll be all set for another bond term.
It is important to note that your Autism Scholarship Program Bond not only has to remain active with the Ohio Department of Education for the entirety of each registration term but also for one full year following your exit date from the Program. Failure to do so may result in penalties.
How Do Ohio Schools Avoid Autism Scholarship Program Bond Claims?
Ohio private and public schools that act as registered providers of the Autism Scholarship Program are expected to comply with regulations pursuant to Chapter 3301-103 of the Ohio Administrative Code and Chapter 3310-41 of the Ohio Revised Code as it applies to the conditions of their registration with the Department of Education. The legislation for this program is extensive and must be followed honorably to avoid severe penalties including a claim on the Autism Scholarship Bond.
Bond claims will typically occur if the Department finds that the registered school (or a licensed participant of the Program) has committed fraud, misappropriation, theft, or embezzlement pertaining to the Autism Scholarship Program’s funds. Such violations will be easy to find as the Department, the parent(s) or guardian(s) of the child in the Program, and the local school district must receive progress reports from the school every quarter. These reports contain financials and are subject to random reviews/investigations made by the Department.
If the Department finds a legitimate violation and chooses to file an official claim on your bond, the Autism Scholarship Program Bond will cover any financial losses faced by the Department and the Program’s fund.
What Happens if I Get an Ohio Autism Scholarship Program Bond Claim?
If you receive an official claim notice from the Ohio Department of Education, immediately contact Jet with all case information and documentation available. The Jet team will begin by quickly briefing you on how our claim process works, and then will move onto our own review and investigation of the Department's claim.
For justified claims, Jet is legally obligated per the Autism Scholarship Program Bond form to make claim payments up to the bond limit. The bond acts as an extension of your credit and therefore leaves you liable for the amount paid out by Jet on your behalf. Failure to pay Jet back for the full amount can lead to future difficulties securing Ohio surety bonds.
