Whether you are eligible to receive subsidised training under your State’s funding initiative or are paying your fees in full, you may be eligible for VET Student Loans scheme
VET Student Loans is a student income contingent loan scheme for the Vocational Education and Training (VET) sector that is part of the Higher Education Loan Program (HELP) that assists eligible students to pay their VET tuition fees for:
Interest is not charged on your VET Student Loans debt. However there is a loan fee of 20% that applies to full fee-paying students* undertaking VET Student Loans indexed annually by the Tax Office to maintain its real value.* Victorian students receiving funding under Skills First are exempt from this fee
The Australian Government pays the amount of your loan directly to Academia. You have to start repaying your HELP debt through the taxation system once your repayment income is above the compulsory repayment threshold, even if you are still studying. The compulsory repayment threshold is adjusted each year. The compulsory repayment threshold for the 2018-2019 income year $51,957.
To be eligible for a Vet Student Loan, any one of the following conditions is required (a, b or c and d):