Finance Options

LOAN SCHEMES


VET STUDENT LOANS

The VET Student Loan Scheme (VSL) is an Australian Government loan scheme for the Vocational Education and Training (VET) sector that is part of the Higher Education Loan Program (HELP). VET Student Loans are available to assist eligible students undertaking certain VET courses of study (diploma, advanced diploma, graduate certificate and graduate diploma courses).

VET Student Loans provide a way to pay some or all of the costs involved with your training course. A VET Student Loan is a loan from the Commonwealth government, which allows you to borrow money to help pay for the cost of an eligible training course.

VET Student Loans replaced the previous VET FEE-HELP system on January 1 2017. For information on these changes, please click here. The VSL loan is available to students who meet the eligibility criteria. To be eligible, a student must:

  • Be an Australian citizen, a New Zealand Special Category Visa (SCV) holder who meets the long-term residency requirements, or an Australian permanent humanitarian visa holder.
  • Have not exceeded the FEE-HELP limit.
  • Meet the Tax File Number (TFN) requirements.
  • Have a Unique Student Identifier (USI).
  • Have read 2017 VET Student Loans information booklet
  • Satisfy course entry requirements.

REPAYING YOUR HELP DEBT

There is no interest charged on a VET Student Loan, however the loan is indexed each year in accordance with the Higher Education Support Act 2003. In addition to tuition fees, the Government charges a loan fee of 20% which is added to the total debt. The loan fee does not count towards your FEE-HELP limit.

You won?t have to start paying back your loan until you start earning over the loan re-payment threshold, which is currently $54,869 for the 2016 - 2017 financial year. The debt you incur through VET Student Loan is a real debt and may affect your credit rating and borrowing capacity. You may wish to seek independent financial advice prior to applying for a VET Student Loan.

CENSUS DATE
The VET Student Loan amount will be paid to your training provider in several stages, reasonably divided across a number of fee periods. Each fee period will include at least one census day. If you withdraw from a course or from part of a course before the census day, you will not incur a VET Student Loan debt for the course or part of the course you have withdrawn from, and will receive a refund for the tuition fees already paid for the course or parts of the course that you have not yet taken

FURTHER INFORMATION
You can find further information regarding VSL at the Study Assist website.

FEE-HELP

FEE-HELP is a Commonwealth Government loan scheme that offers assistance to eligible students studying higher education qualifications by enabling them to take out a loan through the Commonwealth Government to pay for all or part of their tuition fees. FEE-HELP is part of a domestic fee paying course of study leading to a higher education aware (e.g. Bachelor, Graduate Diplomas, Doctor of Philosophy etc.). 

FEE-HELP is available for eligible students who:

  • have not reached their FEE-HELP limit AND  
  • are Australian Citizens, humanitarian visa holders or permanent visa holders undertaking bridging study for overseas-trained professionals (being a resident for the duration of the unit/study). 

REPAYING YOUR HELP DEBT
There is no interest charged on a FEE HELP loan, however the loan is indexed each year in accordance with the Higher Education Support Act 2003. In addition to tuition fees, the Government charges a loan fee of 25% which is added to the total debt. The loan fee does not count towards your FEE-HELP limit. 

You won?t have to start paying back your loan until you start earning over the loan re-payment threshold, which is currently $54,869 for the 2016 - 2017 financial year. The debt you incur through FEE-HELP is a real debt and may affect your credit rating and borrowing capacity. You may wish to seek independent financial advice prior to applying for a FEE-HELP loan.

FURTHER INFORMATION
You can find further information regarding FEE-HELP at the Study Assist website.

Prior to applying for a FEE-HELP loan, you MUST READ the current version of the FEE-HELP Information booklet

FEE-HELP BORROWING LIMIT
Students eligible for VET FEE-HELP and FEE-HELP can borrow up to the FEE-HELP limit. For 2016, the FEE?HELP limit is $99,389 for most students. For students undertaking medicine, dentistry and veterinary science courses (as defined in the Higher Education Support Act 2003) the FEE?HELP limit is $124,238. The FEE?HELP limit is a lifetime limit and is not reset or ?topped up? by any repayments that you make. The FEE?HELP limit is the total amount available to eligible students under both the FEE?HELP and VET FEE?HELP loan schemes. This means that any amount you borrow under either FEE?HELP or VET FEE?HELP will reduce your FEE?HELP balance until you have reached the FEE?HELP limit.

 

GOVERNMENT FUNDING 


VICTORIAN TRAINING GUARANTEE 


Victorian Training Guarantee (VTG) covers both certificate and Diploma level courses for eligible students who reside in Victoria, are an Australian Citizen, Permanent Resident (Permanent Visa Holder) or New Zealand Citizen and who are up-skilling by seeking to enrol in a course which is a higher level than their existing qualification. VTG funding is a Victorian Government initiative - if you are eligible the Victorian Government will contribute to the cost of your training. You can find further information VTG at the Victorian State Government website.

 

OTHER PAYMENT OPTIONS


FULL FEE PAYING/ PAY UPFRONT

Students also have the option to pay their fees themselves without utilising any loan scheme or funding.