What Is VET Student Loans?
From 1 January 2017, VET Student Loans will be implemented. This is a new student loans program that replaced the previous VET FEE-HELP scheme, to give eligible students access to quality higher level VET qualifications, particularly those students who could not otherwise afford to pay upfront.
There are specific criteria students must meet to be eligible for a loan through VET Student Loans. Students must have been assessed as academically suited to undertake the eligible course and their FEE-HELP balance must be greater than zero. Furthermore, a student must be an Australian citizen; or hold a permanent humanitarian visa and usually reside in Australia; or be a qualifying New Zealand citizen.
Eligible students will be entitled for loans up to a capped amount. Providers may charge above the cap for a course, and if so, students will be expected to pay the difference. Payments will be required according to the provider’s billing period. The VET Student Loans will not be approved for an individual who does not meet eligibility requirements.
Certain Diplomas, Advanced Diplomas, Graduate Certificates and Graduate Diplomas are eligible for VET Student Loans that are linked to industry needs and employment outcomes. Eligible courses, and the providers approved to deliver them, are also be available on www.myskills.gov.au – Australia’s directory of training.
Students accessing VET Student Loans Program are required to repay their loan to the Government. Repaying the loan is required when your income reaches the repayment threshold. The threshold can be found at www.studyassist.gov.au.