VET Student Loans
What are VET Student Loans?
VET Student Loans is a loan program provided by the Australian Government to assists eligible students to pay part of their tuition fees. The government directly pays the provider the amount of the loan, and you pay it back through the Australian taxation system once your annual income reaches the minimum repayment threshold. The repayment threshold for 2019-2020 income year is $45,881.
VET Student Loans are especially beneficial for students who could not otherwise afford to pay upfront. There is no interest charged on a VET Student Loan; however, the loan is indexed each year on 1 June. There is also a 20% administration fee charged by the government upfront on the full amount.
VET Student Loans replace the previous VET FEE-HELP scheme. Learn more about VET Student Loans at www.studyassist.gov.au
Are VET Student Loans available for LEFT BANK courses?
VET Student Loans are available for AIT’s Diploma of Business BSB50215 course delivered through Left Bank. This is a nationally recognised vocational qualification. Eligible students are entitled to loans up to the capped amount of $10,528 which covers the entire cost of the online diploma and on-campus diploma.
See Schedule of Fees for details.
To be eligible to receive a VET Student Loan, a student must:
- be an eligible student
- be studying an approved course
- be studying with an approved course provider
- apply to the government using the approved form, which will be managed through your provider
- confirm your engagement and progression to continue to access the loan throughout your course
- an Australian citizen; or hold a permanent humanitarian visa and usually reside in Australia; or a qualifying New Zealand citizen
- meet the Tax File Number (TFN) requirements
- be assessed as academically suited to undertake the approved course on the basis of an Australian Year 12 Certificate; OR providing a copy of a certificate showing that you have been awarded a qualification at level 4 or above in the Australian Qualifications Framework (where the language of instruction was English);
- complete the request for a VET Student Loan electronic Commonwealth Assistance Form (eCAF) by the census day (Students must wait at least two full business days after they have enrolled in study before submitting the eCAF)
The total course cost of the on-campus diploma is $5850. This means that students using VET Student Loans need to pay the difference of $679. We have an installment payment option to make this affordable for students. For full time students using a VET Student Loans, the monthly repayments are $67.90 per month for 10 months. Contact us if you wish to discuss this with a course advisor. Please refer to the Schedule of Fees for details.
The VET Student Loans are unfortunately not available for our Digital Marketing short online courses.
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