Virginia — Qualified Education Loan Servicer License - NMLS Bond
The Virginia Qualified Education Loan Servicer License bond is a regulatory requirement for entities managing qualified education loans within the Commonwealth. This surety bond ensures that servicers adhere to state financial regulations and maintain accountability toward borrowers throughout the servicing lifecycle.
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- Recorded state
- Virginia
- Bond type
- Student / Education Loan Servicer Bond
- Category
- Financial services
What this bond does
This bond serves as a financial guarantee that the licensee will perform all written agreements related to qualified education loans, accurately account for all received funds, and operate their business in strict conformity with Virginia laws. It provides a mechanism for financial protection should a licensee fail to meet these statutory obligations.
- Who needs it
- This bond is intended for entities defined as qualified education loan servicers under Chapter 26 of Title 6.2 of the Code of Virginia, which involves receiving payments, maintaining account records, or interacting with borrowers to prevent default.
- Who it protects
- The bond protects the public interest and the Commonwealth by holding the licensee accountable for compliance with the Code of Virginia. It is a requirement for maintaining an active license through the State Corporation Commission.
Your bond option
This is the option on record for this bond.
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The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.
Sources
- Virginia Code Chapter 26: Qualified Education Loan Servicers (opens in a new tab)Checked October 18, 2026
Have these ready
- Verify your eligibility under the definitions for a qualified education loan servicer.
- Prepare the required business and financial documentation for the license application.
- Obtain a bond quote for an amount between $50,000 and $500,000 as directed by the Commission.
- Submit the bond filing through the NMLS to finalize your application requirements.
Questions about this bond
What is the minimum bond amount required?
The bond must be in a principal amount determined by the Commissioner, ranging from $50,000 to $500,000.
Are there exemptions to this licensing requirement?
Yes, exemptions apply to specific financial institutions like banks, credit unions, and certain nonprofit institutions of higher education.
Does the license expire?
Yes, the license expires at the end of each calendar year and must be renewed through the NMLS.
Can I transfer my license to another entity?
No, licenses are not transferable or assignable under Virginia law.