VET Student Loans are part of the Higher Education Loan Program (HELP) that aims to remove the financial barriers to study. VET Student loan is an Australian Government loan scheme available to entitled learners studying higher level vocational education and training (VET) qualifications, regardless of age or financial position.
VET STUDENT LOANS
VET Student Loans commenced on 1 January 2017 and replaced the VET FEE-HELP scheme, which ceased on 31 December 2016.
VET Student Loan is part of the Higher Education Loan Program (HELP) that aims to remove the financial barriers to study. VET Student Loan is an Australian Government loan scheme available to entitled leaners studying higher level vocational education and training (VET) qualifications, regardless of age or financial position.
VET Student Loans is a loan from the Commonwealth Government. The loan will remain as a personal debt obligation until it is repaid to the Commonwealth. The loan may affect (by reducing) your take-home (after-tax) wage or salary until the debt is repaid, and may affect your borrowing capacity (i.e. future loan applications) until the debt is repaid to the Commonwealth. Learners are required to repay the accumulated debt through the taxation system once they earn over $55,874 annually (this threshold is reviewed on a yearly basis and is subject to change).
If you are interested in accessing VET Student Loans, go here for more information about how this will affect you. Gowrie Victoria has been approved to be a course provider for the following qualifications:
- CHC50113 Diploma of Early Childhood Education and Care
- CHC50213 Diploma of School Age Education and Care
- CHC62015 Advanced Diploma of Community Sector Management
During application with Gowrie Victoria, you will receive course information for the entire VET course of study, charged on a unit of study basis, unless you elect to pay a portion of the tuition fees. Census date/s will apply to each of the VET unit/s of study in which you enroll.
You may cancel your enrolment by:
- withdrawing from each VET unit of study on or before the census date; and
- in accordance with the Gowrie Victoria Withdrawal Policy;
Cancellation will result in you:
- not incurring a VET Student Loan debt; and/or
- receiving a refund for any up-front tuition fee payments made on or before the census date
You may wish to seek independent financial advice prior to applying for a VET Student loan.
Please note: Cancellation or Withdrawal from any VET unit/s of study AFTER the census date will incur a debt for the respective unit/s of study.
VET STUDENT LOAN ELIGIBILITY
To be eligible for VET Student Loan assistance:
- You must be an Australian citizen or;
- The holder of a permanent humanitarian visa and a resident in Australia for the duration of the unit of study or;
- The holder of a New Zealand Special Category Visa ( NZ SCV)*
- You will be residing in Australia during the entirety of the unit/s of study;
- Are enrolled in any relevant unit/s of study on or before their census date
- Have a current Australian Tax File Number;
- Have not exceeded the FEE-HELP limit (for 2018, the limit is $102,392 for most learners. The FEE-HELP limit is a lifetime limit and is not reset or ‘topped up’ by any repayments that you make.)
* NZ SCV holders are required to meet a range of long term residency requirements.
These requirements are:
- that the learner arrived in Australia at least 10 years ago as a dependent child (i.e. aged under 18 years of age and did not have a spouse or de-facto partner); and
- the student has been ordinarily resident in Australia for the previous 10 years (that is, they have been here for the last 10 years – including resident for eight of the last 10 years, and 18 months of the last two years), and;
- the learner is otherwise eligible for HELP.
Other important information to note:
- Applications for VET Student Loan assistance do not incur any application fees.
- Certificate IV units and below are not eligible for VET Student Loan assistance.
- VET Student Loan assistance amounts are paid directly to the VET provider by the Australian Government.
- An additional 20% loan fee is applied by the government to the VET Student Loan debt of all non-Skills First funded learners.
- VET Student Loan debts will be repaid through the Australian taxation system once your repayment income is above the minimum threshold (visit the VET Student Loan information page for more information on the threshold).
- The Australian Government updates VET Student Loan information on an annual basis.
- You will receive your Commonwealth Assistance Notice (CAN) containing information about your enrolment and use of VET Student Loans directly from Gowrie Victoria.
- The Diploma qualifications have been capped by the Department at $10,150 for 2018. Any fees exceeding this amount is payable by the learner.
- The Advanced Diploma qualification has been capped by the Department at $5,075 for 2018. Any fees exceeding this amount is payable by the learner.
- From the 1st January Gowrie Victoria has been exempt from the requirement to meet the VET tuition assurance requirement under VET FEE Help. For detailed information, please click here.
- From the 1st January Gowrie Victoria has been exempt from the requirement to meet the VET tuition assurance requirement under VET Student Loans. For detailed information, please click here.
A census date is the date that a learner incurs a VET Student Loan debt for a unit/s of study in which they are enrolled.
The census date is set by Gowrie Victoria, and is also the deadline for various requirements, including:
- Applying for a VET Student Loan by completing and submitting a Electronic Commonwealth Assistance Form (eCAF) no later than two days prior to a census date;
- Providing a Tax File Number where a VET Student Loan is requested (if not already provided);
- Cancelling a request for Commonwealth assistance, which must be requested by the learner prior to the census date;
- Formally withdrawing from any unit/s of study without incurring a debt, which must requested by the learner prior to the census date; and
- Cancelling an enrolment by withdrawing from each VET unit of study, which must be requested by the learner or prior to the census date.
To view or download the Census Dates and Fees information for 2017, please click on the circumstances below that apply to you.
To view or download the Census Dates and Fees information for 2018, please click on the circumstances below that apply to you.
For further information, contact us or visit the VET Student Loan information page.