NJ federal contract student loan servicer bonds.
From $100. Enter your amount.

New Jersey issues a limited Federal Contract Student Loan Servicer License to companies servicing student loans under a contract awarded by the U.S. Secretary of Education, and conditions it on an electronic surety bond of $30,000 — plus $30,000 for each branch office — kept on file with the Commissioner of Banking and Insurance. The premium is 0.6% of the bond amount, $100 minimum, the bond issues the moment you pay, and any credit screen is a soft pull only — it never affects your score.

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Required for the NJ Federal Contract Student Loan Servicer License filed through the NMLS

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$30,000, plus $30,000 per branch office — the amount set by N.J.S.A. 17:16ZZ-6(b)

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0.6% of the bond amount, $100 minimum — your exact price appears at the application

0.6% rate$100 minimumInstantissuance at checkoutSoft pullnever a hard inquiry

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How it works

Three steps. One sitting.

The bond is the one item on the FCSL license checklist you can finish today. Here is the entire process:

NOW · ONLINE

Apply online

Business details, the bond amount your license requires, an effective date, and a term. That is the entire application — any credit screen is a soft pull that never shows as a hard inquiry.

INSTANTLY

Pay & e-sign

Your exact premium — 0.6% of the bond amount, $100 minimum — appears before you pay, and the bond issues the moment you pay. Your executed bond and power of attorney generate on the spot.

SAME DAY

File through the NMLS

New Jersey takes this as an electronic surety bond, so it goes to the Department of Banking and Insurance with your NMLS license form. Wet-ink original mailed on request.

About this bond

What it is and who needs it.

What the bond actually guarantees

The New Jersey Student Loan Servicing Act (P.L. 2019, c. 200, codified at N.J.S.A. 17:16ZZ-1 to -18) makes the Department of Banking and Insurance the licensing authority for anyone servicing a student education loan for a New Jersey borrower. Companies servicing loans under a contract awarded by the U.S. Secretary of Education under 20 U.S.C. §1087f receive a separate, limited and irrevocable Federal Contract Student Loan Servicer License — and that license is conditioned on a surety bond.

The amount is set by statute, not by underwriting: $30,000, plus an additional $30,000 for each branch office from which student loan servicing is conducted. Add a branch after your main office is licensed and the bond has to be re-issued in the increased amount. A company that services both federal contract loans and other student loans, and holds both license types, posts only one bond in that amount.

It is a three-party arrangement: you (the principal), the surety carrier, and the State of New Jersey (the obligee), with student loan borrowers as the protected parties — the Act gives borrowers a private right of action for losses caused by unlawful servicing practices. It is not insurance for you — if the surety pays a claim, you repay the surety. The bond has to stay continuously on file with the Commissioner, so we track the term and send renewal notices 60 and 30 days out.

N.J.S.A. 17:16ZZ-6(b)Under the New Jersey Student Loan Servicing Act, a student loan servicer must keep on file with the Commissioner of Banking and Insurance a surety bond issued by a surety company authorized to transact business in New Jersey. DOBI Bulletin No. 20-31 states the amount as $30,000 plus an additional $30,000 for each branch office location where student loan servicing activity is conducted, filed electronically through the NMLS; a servicer holding both the Federal Contract Student Loan Servicer License and the New Jersey Student Loan Servicer License needs only one bond in that amount. Confirm your required amount with the Department before you file.

You need this bond if you're

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Applying for the NJ Federal Contract Student Loan Servicer License — servicing loans under a contract awarded by the U.S. Secretary of Education

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Adding a branch office — the bond is re-issued $30,000 higher for each branch location

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Holding both license types — federal contract and other student loans, covered by one bond in the required amount

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Replacing a bond your current surety is cancelling or non-renewing, to keep the license in good standing

One application, issued instantly.

These are the actual issuing fields — business details, the bond amount your license requires, an effective date, and a term. That is the entire application.

Start the application →

FAQ

Common questions.

How much is the New Jersey federal contract student loan servicer bond?The premium is 0.6% of the bond amount, $100 minimum. The bond amount itself is set by statute — $30,000, plus $30,000 for each branch office — so enter your amount and the exact price appears at the application, before you pay.

Do I pay the $30,000?No. You pay the premium. The $30,000 is the surety's maximum liability if a valid claim is made against the bond — not a deposit, and nobody holds your money.

What if I have branch offices?Each branch office location from which you conduct student loan servicing adds $30,000 to the bond. If a branch is licensed after your main office, the bond has to be re-issued in the increased amount — enter the total your license requires and the premium follows it at 0.6%, $100 minimum.

Is there a credit check?If a credit screen runs on this bond, it is a soft pull only — never a hard inquiry, and it never affects your score. The rate stays 0.6% of the bond amount, $100 minimum, either way.

Who requires the bond, and where do I file it?The New Jersey Department of Banking and Insurance, under the Student Loan Servicing Act (N.J.S.A. 17:16ZZ-1 to -18). New Jersey takes it as an electronic surety bond filed with your license form through the NMLS, and it must stay on file with the Commissioner for as long as you hold the license.

Related bonds

Other New Jersey bonds.

Clear the bond line on your FCSL license today.

0.6% of the bond amount, $100 minimum, issued the moment you pay, soft pull only. Free until issued.

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Your premiumfrom $100

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