Financial An applicant must demonstrate that there are sufficient financial resources to operate a school. Resources A new school may choose to provide from either of the following two options if the school collects tuition in multiple installments from or on behalf of students: Financial guarantee in the form of an irrevocable letter of credit or a renewable performance bond that is sufficient to 100% of the tuition liability of the proposed school OR A financial statement that is reviewed or audited by an independent certified public accountant, and A financial guarantee in the form of an irrevocable letter of credit or a renewable performance bond that is sufficient to cover of the tuition 50 % liability of the proposed school unless the Secretary determines that financial conditions warrant a greater amount. A new school that does not collect tuition in multiple installments from or on behalf of its students must provide: A financial guarantee in the form of an irrevocable letter of credit or a renewable performance bond that is sufficient to cover 100% of the tuition liability of the proposed school. Related The following must be submitted with the application: Application Fee: (1) A $300 non-refundable application fee OR (2) for applicants Application seeking approval of more than 3 programs, a non-refundable application fee that Costs totals $300 plus $100 for each program over three. GSTF Payment: A payment of at least $2,500 to the Guaranty Student Tuition Fund. Financial Guarantee: (Described under Financial Resources) Market Evidence will be required to substantiate that a market demand exists in Maryland for proposed program(s) Demand Curriculum The curriculum is the cornerstone of the school. It is essential that it receive a great deal of careful planning. School The catalog and enrollment contract are key documents that provide important information the school. Refer to the enclosed Catalog and Enrollment Agreement Catalog Checklists to ensure that all required information is included in the submitted documents. and Note that all private career schools are required to establish and disclose in their catalogs Enrollment the following: Contract Admission requirements for each program to ensure that prospective students have the ability to benefit from the training; Graduation requirements for each program (including a requirement that a student shall have a minimum attendance rate of 80 percent of the total program, in order to be graduated from a program); A grading system and standards of satisfactory academic progress. APPLICATION FOR INITIAL APPROVAL TO OPERATE A
Financial Resources An applicant must demonstrate that there are sufficient financial resources to operate a school. A new school may choose to provide from either of the following two options if the school collects tuition in multiple installments from or on behalf of students: Financial guarantee in the form of an irrevocable letter of credit or a renewable performance bond that is sufficient to 100% of the tuition liability of the proposed school OR A financial statement that is reviewed or audited by an independent certified public accountant, and A financial guarantee in the form of an irrevocable letter of credit or a renewable performance bond that is sufficient to cover 50 % of the tuition liability of the proposed school unless the Secretary determines that financial conditions warrant a greater amount. A new school that does not collect tuition in multiple installments from or on behalf of its students must provide: A financial guarantee in the form of an irrevocable letter of credit or a renewable performance bond that is sufficient to cover 100% of the tuition liability of the proposed school. Related Application Costs The following must be submitted with the application: Application Fee: (1) A $300 non-refundable application fee OR (2) for applicants seeking approval of more than 3 programs, a non-refundable application fee that totals $300 plus $100 for each program over three. GSTF Payment: A payment of at least $2,500 to the Guaranty Student Tuition Fund. Financial Guarantee: (Described under Financial Resources) Market Demand Evidence will be required to substantiate that a market demand exists in Maryland for proposed program(s) Curriculum The curriculum is the cornerstone of the school. It is essential that it receive a great deal of careful planning. School Catalog and Enrollment Contract The catalog and enrollment contract are key documents that provide important information the school. Refer to the enclosed Catalog and Enrollment Agreement Checklists to ensure that all required information is included in the submitted documents. Note that all private career schools are required to establish and disclose in their catalogs the following: Admission requirements for each program to ensure that prospective students have the ability to benefit from the training; Graduation requirements for each program (including a requirement that a student shall have a minimum attendance rate of 80 percent of the total program, in order to be graduated from a program); A grading system and standards of satisfactory academic progress. APPLICATION FOR INITIAL APPROVAL TO OPERATE A
PCS_NewSchoolApplication_wDE_20170828.docx