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 Employment, Skills, Small and Family Business to offer VET Student Loans to eligible students. VET Student Loans is not available for students who are not eligible.
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.
Each course has a maximum loan cap that students can access for their tuition fees. The cap is $78,968 (2020 rate, indexed annually.) This means that the most a student can borrow towards their tuition fees using Vet Student Loans for a single course is $78,968 (in 2020.)
Each individual has a maximum lifetime cap of $150,000 (2020 limit, indexed annually) for aviation courses. Students will not be able to access further Vet Student Loans for funding for tuition fees in aviation courses when their VSL balance reaches $150,000.
VET Tuition Fee Schedule
The VET Tuition Fee Schedules can be found at;
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 course caps or individual lifetime caps; 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?
Applications for Vet Student Loans are made through the Registered Training Organisation (eg; Basair Aviation College.)
As part of the application process, the following information needs to be provided by the applicant;
- Proof of Identity. Either;
- a Passport, or
- a Drivers Licence and a Birth Certificate)
- Your Tax File Number (TFN) which the student enters on the eCAF portal prior to their first Census Date.
- If the applicant has applied for, but not yet been issued with, a Tax File Number then a certificate from a Commissioner that the student has applied for a Tax File Number.
- Proof the applicant meets the citizenship and residency requirements for Vet Student Loans;
- Australian citizenship (eg; passport, birth certificate)
- A holder of a permanent humanitarian visa who is usually a permanent resident of Australia (passport with humanitarian visa and evidence of residency such as passport stamps or bills to an Australian residence.)
- A qualifying New Zealand citizen;
- Holds a special category visa, AND
- Has usually been a resident of Australia for the past 10 years, AND
- Was a dependant child when they were first usually resident of Australia, AND
- Has been in Australia for periods totalling 8 years during the previous 10 years; AND
- Has been in Australia for periods totalling 18 months for the previous 2 years.
- If the applicant is under 18 years of age, then the following is also required;
- evidence that one of the signatories for the application is a responsible parent of the applicant, or
- evidence that the student has received your allowance (within the meaning of the Social Security Act 1991) on the basis that the student is independent (within the meaning of Part 2.11 of the Act)