VA federal servicer contractor bonds.
$300 flat.

A servicer that holds a contract awarded by the U.S. Secretary of Education under 20 U.S.C. § 1087f takes a different path into Virginia: Va. Code § 6.2-2602 exempts it from the normal application procedure and directs the Commissioner to automatically issue the license once the fee and the § 6.2-2604 bond are in. That bond is $50,000 at the statutory floor. Ours is $300 flat, the price you see is the checkout price, and the bond issues the moment you pay. Any credit screen is a soft pull only — it never affects your score.

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Required for the automatic license under Va. Code § 6.2-2602 — federal servicing contractors only

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Fixed price, standard amount — $50,000 bond, $300 flat, no quote process

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Multi-year terms available — set it up once for up to 3 years

A-ratedA.M. Best carriersInstantissuance at checkout$300 flatsame price at checkout

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How it works

Three steps. One sitting.

The federal-contractor filing is the shortest route into Virginia, and the bond is checkout-priced. Here is the entire process:

NOW · ONLINE

Apply online

Company details, 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

This bond is checkout-priced at $300 flat, so it issues the moment you pay — your executed bond and power of attorney generate on the spot.

SAME DAY

File the Registry company form

Submit the executed bond with your NMLS company filing form and the § 6.2-2603 fee; the Commissioner issues the license automatically. Wet-ink originals mailed on request.

About this bond

What it is and who needs it.

What the bond actually guarantees

Section 6.2-2602 of the Code of Virginia carves out a distinct route for federal student loan servicing contractors. A person the Commissioner determines is a party to a contract awarded by the U.S. Secretary of Education under 20 U.S.C. § 1087f is exempt from the application procedures in subsections A and B of § 6.2-2603 — the Commissioner automatically issues the license on payment of the § 6.2-2603(C) fee and the providing of the bond required by § 6.2-2604.

The mechanics: complete and submit the Registry's company filing form through NMLS, accompanied by the fee and the surety bond. Renewals are automatic too, on payment of the § 6.2-2607(E) fees. The license automatically expires 30 days after the expiration, revocation, or termination of the underlying contract with the U.S. Secretary of Education — so the bond tracks the federal contract.

The bond itself is the same instrument every servicer files under § 6.2-2604: not less than $50,000 nor more than $500,000, continuously maintained, conditioned on performing written agreements concerning qualified education loans and accounting correctly for funds received. It is not insurance for you — if the surety pays a claim, you repay the surety.

Va. Code § 6.2-2602 · § 6.2-2604Section 6.2-2602 of the Code of Virginia exempts a person from the qualified education loan servicer application procedures in subsections A and B of § 6.2-2603 upon the Commissioner's determination that the person is a party to a contract awarded by the U.S. Secretary of Education under 20 U.S.C. § 1087f; the Commissioner then automatically issues the license upon payment of the fee required by § 6.2-2603(C) and the providing of the bond required by § 6.2-2604, with the eligible person filing the Registry's company form through NMLS. The license automatically expires 30 days after the expiration, revocation, or termination of that federal contract. Section 6.2-2604 sets the bond at not less than $50,000 nor more than $500,000, continuously maintained in full force.

You need this bond if you're

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A federal student loan servicing contractor under 20 U.S.C. § 1087f seeking the automatic Virginia license

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Filing the Registry company form for the § 6.2-2602 exemption route

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Renewing the automatic license — the bond must stay continuously in force

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Re-licensing after a contract award following a prior contract expiration

One application, issued instantly.

These are the actual issuing fields — company details, an effective date, and a term. That is the entire application.

Start the application →

FAQ

Common questions.

How much is the Virginia federal contractor education loan servicer bond?The premium is $300 flat — set by our carrier's rate book for this bond, the same for every federal servicing contractor. The $50,000 penal sum is the statutory floor under Va. Code § 6.2-2604, so there is no quote process, and the price you see is the checkout price.

How is this different from the standard servicer bond?The bond is the same § 6.2-2604 instrument at the same $50,000 penal sum. What differs is the licensing path — § 6.2-2602 exempts federal servicing contractors from the normal application procedure and directs the Commissioner to issue the license automatically once the fee and bond are in.

What happens when my federal contract ends?Under § 6.2-2602 the Virginia license automatically expires 30 days after the expiration, revocation, or termination of your contract with the U.S. Secretary of Education. Keep the bond in force through that window.

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 price stays $300 flat either way.

Where do I file it?With the State Corporation Commission’s Bureau of Financial Institutions, through the Registry company filing form in NMLS. Your e-signed bond and power of attorney arrive by email ready to upload.

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Get your automatic license moving today.

$300 flat, issued the moment you pay, soft pull only. Free until issued.

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