What is a VET Student Loan?

A VET Student Loan is a loan from the Australian Government that assists eligible students in paying their tuition fees for approved vocational education and training (VET) courses. The loan is repaid through the tax system once the student reaches the minimum income threshold set by the Australian Government each year.

Eligibility Criteria for a VET Student Loan

To qualify for a VET Student Loan, you must meet specific criteria:

1. Residency: You must be an Australian citizen, an eligible permanent humanitarian visa holder residing in Australia, or a New Zealand citizen on a Special Category Visa (SCV subclass 444) meeting long-term residency requirements.

2. Academic Suitability: You need to provide evidence of academic suitability, such as completion of Australian Year 12, an International Baccalaureate Diploma, or an AQF certificate IV or higher qualification. Alternatively, demonstrate competence in reading and numeracy through an approved assessment tool.

3. Tax File Number (TFN): Provide proof that your details match those held by the Australian Taxation Office (ATO) and supply your TFN.

4. Unique Student Identifier (USI): Obtain a USI and ensure your details match those on the USI Registry.

5. Parental Consent for Under 18s: If under 18, provide parental consent or evidence of independence (e.g., Centrelink Income Statement).

Approved Courses and Loan Caps

The Australian Government approves specific courses eligible for VET Student Loans, with set loan caps per course. These details are outlined in the VET Student Loans (Courses and Loan Caps) Determination 2016.

Application Process

1. Enrolment: Apply for enrolment in an approved course.

2. Assessment: Complete academic suitability assessments.

3. TFN and USI: Provide your TFN and obtain a USI.

4. Loan Application: Submit an electronic Commonwealth Assistance Form (eCAF) before the first census day of your course.

Loan Repayment

Repayments commence once you reach the minimum income threshold and continue until the debt is fully repaid. Loan repayment details are available annually on Study Assist.

Withdrawal and Re-Credit

You can withdraw from a course before the census day to avoid fees. If circumstances prevent course completion, you may apply for re-credit of your FEE-HELP balance.

Re-Credit Application Process

1. Submission: Complete a VET Student Loans Re-Credit Application Form.

2. Internal Review: Request an internal review of the decision if dissatisfied.

3. External Appeals: Pursue an external appeal with the Administrative Appeals Tribunal if needed.

4. Applications to the Secretary: Apply to the Secretary of the Australian Government Department of Education, Skills and Employment for specific circumstances-related re-credits.

Important Considerations

– Applying for a VET Student Loan does not guarantee course placement.

– Ensure all eligibility criteria are met before enrolment.

– Tuition fees and additional costs not covered by the loan are the student’s responsibility.

– Seek independent financial advice if needed before applying for a VET Student Loan.

For detailed information and forms related to VET Student Loans, contact our admissions team for assistance.