New Jersey federal contract student loan servicer bonds.
From $100.
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 a surety bond of $30,000 plus $30,000 for each branch office. The premium is 0.6% of the bond amount, $100 minimum.
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How much does a New Jersey federal contract student loan servicer bond cost?
0.6% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
The bond is the one item on the FCSL license checklist you can finish today. Here is the entire process:
Apply online
Business details, the bond amount your license requires, an effective date, and a term. That is the application. No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
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.
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.
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.
You need this bond if you're
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
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.
What sets the price
The premium is 0.6% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $250,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
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 application.
Start the application →Common questions.
Other New Jersey bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Clear the bond line on your FCSL license today.
0.6% of the bond amount, $100 minimum, issued the moment you pay, no credit check up to $250,000. Free until issued.