The VET FEE-HELP scheme continues to apply to all students who commenced study before 31 December 2016.
Any student who enrols from 1 January 2017 will have access to the VET Student Loans program, which is replacing the current VET FEE-HELP scheme. This is a new vocational education and training student loans program, provided to give eligible students access to quality higher level VET qualifications, particularly to those students who could not otherwise afford to pay upfront.
VET FEE-HELP is a student loan 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 - What does this mean for me?
VET FEE-HELP assistance is a loan from the Commonwealth. 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 until the debt is repaid to the Commonwealth. Students are required to repay this loan through the taxation system once they earn $53,345 (this threshold will increase to $54,126 in the 2015-2016 income year).
You may cancel your enrolment by:
withdrawing from each VET unit of study on or before the census date; and
in accordance with the Careers Australia Cancellation Policy;
Cancellation will result in you:
not incurring a VET FEE-HELP debt; and/or
receiving a refund for any up-front tuition fee payments made on or before the census date