VET Student Loans

 

 

What is a VET Student Loan?
On 1 January 2017, the VET Student Loans program commenced. This is a new student loans program that replaces the VET FEE-HELP scheme, to give eligible students access to quality higher level VET qualifications, particularly those students who could not otherwise afford to pay upfront.
VET Student Loans is an Australian Government Loan scheme that helps eligible students pay their tuition fees for diploma and above VET courses undertaken at an approved provider. A student’s access to a VET Student Loan is approved by the Australian Government Department of Education and Training.

What courses are available?
Monash Training and Professional Development is an approved VET Student Loans provider and is able to offer eligible individuals access to the VET Student Loans scheme for the following courses:

  • FNS50215 Diploma of Accounting
  • BSB51915 Diploma of Leadership and Management
  • CHC50113 Diploma of Early Childhood Education and Care

Student eligibility
There are specific criteria students must meet to be eligible for a loan through VET Student Loans.
Students must:

  • have been assessed as academically suited to undertake the course;
  • have not exceeded the FEE-HELP loan limit;
  • be an Australian citizen; or
  • hold a permanent humanitarian visa and usually reside in Australia; or
  • be a qualifying New Zealand citizen;
  • be 18 years of age or older (or have parental consent or be “independent” under the Social Security Act 1991)
  • and meet the Tax File Number requirements.

 

Repayment
VET Student Loans are managed by the Australian Taxation Office (ATO) and repayments must be made once
your income is above the compulsory repayment threshold.

  • A loan fee of 20% applies to VET Student Loans for full free paying students.
  • The compulsory repayment threshold is adjusted each year and for the 2016-2017 income year is $54,869. Updates to the threshold can be found at www.studyassist.gov.au.
  • You will be required to demonstrate you are progressing throughout your course.
  • You will be required to log in online twice during the year and acknowledge that you accept the loan youwill receive for the course

 

How do I apply for a VET Student Loan?
You must first submit all your enrolment paperwork to us and indicate that you wish to access a VET StudentLoan. We will then give the Department your enrolment information, including the nearest applicable census day, through the electronic Commonwealth Assistance Form (eCAF) system.
You will then receive an email from the department allowing you to sign into the eCAF system. Once you sign-in,you will need to verify the pre-populated information and complete the mandatory fields. You can then submit the eCAF, which will cause the system to email you a copy of your completed form. You should keep this form foryour records.
If you do not complete the eCAF by the required date for your course, you will have to wait until the next part of your course /unit, next semester or trimester to request a VET Student Loan for future study. Retrospective access to VET Student Loans is not allowed under any circumstances.

 

VET Student Loan Information

VET Student Loan Student Booklet – Please ensure you read this before enroling 

VET Student Loan Intention to Apply – Want to apply? Please fill out the attached form 

MTPD Statement of tuition assurance 2018

 

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