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).
When you enrol in a course of study with Careers Australia, you will be required to complete a Request for VET Fee Help Loan form. The signed form applies to a loan for the entire VET course of study, charged on a unit by unit basis, unless you pay some of the tuition fees. Census date(s) will apply to each of the VET units of study in which you enrol, with the you taking out a loan for any tuition fees that remain unpaid at the end of each census date.
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
You may wish to seek independent financial advice prior to applying for a VET FEE-HELP loan.
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