How do I access VET FEE-HELP?
VET FEE-HELP is accessed via a Registered Training Organisation (RTO) who has been authorised by The Australian Government to be an approved VET FEE-HELP Provider.
What is needed to be eligible for VET FEE-HELP assistance?
To be eligible for VET FEE-HELP assistance for a VET unit of study, a student must:
- be a full fee-paying student;
- be an Australian Citizen or a holder of a Permanent Humanitarian sub-class visa (holders of permanent visas and New Zealand citizens are not eligible for VET FEE-HELP assistance.)
- have a FEE-HELP balance greater than zero – that is, they have not exceeded their FEE-HELP limit;
- be enrolled in a VET unit of study that meets the course requirements;
- be enrolled in the VET unit of study on or before the census date for the unit and remain enrolled at the end of the census date;
- meet the Tax File Number (TFN) requirements;
- have completed, signed and lodged with their VET Provider, a Request for VET FEE-HELP assistance form.
What is the census date?
The census date of a VET unit of study is the last day a student can submit their Request for VET FEE-HELP assistance form to defer their tuition fees through the VET FEE-HELP scheme. It is a date the VET Provider sets which is no earlier than 20% of the way through the period in which the unit of study is undertaken.
How does VET FEE-HELP work?
Following the successful lodgement and assessment of a Request for VET FEE-HELP assistance form, the Australian Government will pay directly to the VET Provider, the full amount of the tuition fees associated with a student’s course. This loan is then repaid by the student via the tax system in compulsory and/or voluntary contributions.
What is the entitlement under the VET FEE-HELP scheme?
Over their lifetime, a student will be able to borrow up to the amount of their FEE-HELP limit which is indexed annually by the Australian Government. Repayments do not reset the maximum that can be borrowed.
The FEE-HELP limit for the 2011-12 income year is $89,706.
What does VET FEE-HELP cover?
VET FEE-HELP extends only to tuition fees. It does not cover accommodation and general living expenses. It is important to note that a loan fee of 20% applies to VET FEE-HELP loans. This fee is payable to the Australian Government and added to your loan. It is also not included in the FEE-HELP limit.
When do the first repayments start?
A student’s first loan repayment starts when their employment income exceeds the minimum threshold permitted for the specific financial year. For the 2011-12 income year, the repayment threshold is $47,195.
What else do I need to know about VET FEE-HELP?
- A VET FEE-HELP loan can be used to help a student articulate to university and can be applied to a student’s VET tuition fees - provided their total FEE-HELP limit has not been exceeded.
- Eligibility for VET FEE-HELP is not affected by previous qualifications or your study results.
From 1 January 2012, the Australian Government will lower the HELP voluntary repayment bonus on payments that pay off a debt, or are $500 or more, from 10 per cent to 5 per cent. Go to www.ato.gov.au/hecs for updated information on how to make voluntary repayments.
For more information on VET FEE-HELP, you may:
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