Rhode Island student loan servicer bonds.
$300 on the $50,000 amount.
Rhode Island’s Student Loan Bill of Rights Act requires a student loan servicer to register with the Department of Business Regulation and file a $50,000 surety bond under R.I. Gen. Laws § 19-33-4. The rate is 0.6% of the bond amount, $100 minimum, so $300 at the statutory $50,000.
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How much does a Rhode Island student loan servicer bond cost?
$300 for the $50,000 bond: 0.6% of the bond amount.
Three steps. One sitting.
Statutory amount, fixed rate, no quote round-trip. Here is the entire process:
Apply online
Business details, the owner, an effective date, and a term — that is the entire application. No credit check.
Pay & e-sign
Your premium is already exact at the statutory $50,000, so the bond issues the moment you pay — executed bond and power of attorney on the spot.
File with the Department
Your executed bond arrives by email, ready to file with your student loan servicer registration at the Department of Business Regulation. Wet-ink original mailed on request.
What it is and who needs it.
What the bond actually guarantees
Rhode Island enacted the Student Loan Bill of Rights Act (chapter 19-33) to license and supervise the companies that service student loans held by Rhode Island borrowers. Section 19-33-4 conditions registration on a $50,000 surety bond filed with the Department, conditioned on the servicer’s compliance with the chapter and the regulations under it.
The bond runs to the state for the use of the state and of the person who may have a cause of action against the obligor — the borrowers whose accounts you service. You are the principal, the carrier is the surety, and Rhode Island is the obligee.
The statute calls for a perpetual bond: it stays in force until the surety properly cancels with notice to the Department. It is not insurance for you — if the surety pays a claim, you repay the surety. 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 $50,000 bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The bond runs to September 17 whatever day you buy; the premium covers the period to that date.
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 with the Department. Your executed bond arrives by email, ready to file with your student loan servicer registration at the Department of Business Regulation. 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.
One application, issued instantly.
These are the actual issuing fields — business details, the owner, an effective date, and a term. That is the entire application.
Start the application →Common questions.
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Finish your servicer registration today.
0.6% of the bond amount, $100 minimum — $300 at the statutory $50,000, issued the moment you pay. Free until issued.