VET FEE-HELP is a student loan available to help Australian citizens pay for eligible Diploma courses. The loan is issued by the Australian Government to make higher education more accessible, by removing the burden of up front tuition fees.
VET FEE-HELP allows you to study now and pay later when you’re earning sufficient income to do so.
You are eligible for VET FEE-HELP if:
The 2016 VET FEE-HELP limit is $99,389 for most students (as defined in the Higher Education Support Act 2003).
For more information on VET FEE-HELP and eligibility visit the Australian Governments Study Assist website.
How is the VET FEE-HELP loan repaid? The Australian Government pays the amount of the loan direct to a student’s provider for tuition fees. Students make repayments on their loans through the Australian Taxation System for each financial year they earn over $54,896 (as at 2016-17 financial year). The amount you repay each year is calculated as a percentage of your repayment income. It increases and decreases with your income. The repayments range from a minimum of 4% to a maximum of 8% per annum of your income. For years in which you earn under the repayment threshold there are no mandatory repayments.
For example: If your loan is $15,000, and you earn $55,000 in the financial year, a repayment of $2,200 will be withheld over that year by the Australian Taxation Office, leaving a balance of $12,800 on your loan. For more information visit the Study Assist website.
When you enrol in a course of study, you will need to complete a Request for VET FEE-HELP Loan Form to apply for VET FEE-HELP. The signed form applies to a loan for the entire VET course of study, charged on a unit of study basis. There are 3 units of study per course. Census date(s) will apply to each of the VET units of study in which you enrol.
To apply for VET FEE-HELP:
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