VET STUDENT LOAN
What is VET Student Loans?
VET Student Loans is a Federal Government scheme which enables eligible students to have all or part of their tuition fees paid for them by the Australian Government in the form of a loan. The loan gives rise to a HELP debt that continues to be a debt due to the Commonwealth until it is repaid.
Basair Aviation College is approved by the Department of Education and Training (DET) to offer VET Student Loans to eligible students. VET Student Loans is not available for students who are not eligible.
Eligible students can borrow funds over their lifetime up to the FEE-HELP limit. In 2016 the FEE-HELP limit is $99,389. There is a loan fee of 20% for full fee-paying students accessing VET Student Loans. This fee will be included in the VET STUDENT LOANS debt.
The loan is re-payed gradually through the pay-as-you-earn (PAYE) tax system once your income is above the minimum repayment threshold, which is set by the Australian Taxation Office (ATO). For the 2015-2016 financial year this has been set at $54,126. Visit www.ato.gov.au for more details.
Am I eligible for VET STUDENT LOANS?
You are eligible for VET STUDENT LOANS if you:
- are an Australian citizen; or
- are a New Zealand Special Category Visa holder who meets long-term residency requirements; or
- are a permanent humanitarian visa holder (resident in Australia for the duration of the unit); AND
- have not exceeded the FEE‑HELP limit (see below); AND
- meet course requirements as follows:
- are a full fee-paying / fee for service student studying a diploma, advanced diploma, graduate certificate or graduate diploma level course at an approved VET STUDENT LOANS provider; OR
- are a student subsidised by a state or territory government (other than the Australian Capital Territory) studying a diploma or advanced diploma course; OR
- are a student subsidised by the Victorian, South Australian, Queensland, Western Australian and New South Wales Government studying in a specified certificate IV course (nominated courses vary by state) as part of the Certificate IV Trial that concludes in December 2016; AND
- are enrolled with an approved VET STUDENT LOANS provider in an eligible unit of study by the census date for that unit.
How do I apply for VET STUDENT LOANS?
To apply for a VET STUDENT LOANS, you will need a tax file number (TFN) and will need to fill out a Request for VET FEE-HELP assistance form. Basair Aviation College will provide you with the form.