VET Student Loans

VET Student Loans

VET Student Loans is an Australian government loan program that is available to assist eligible students studying higher level vocational education and training (VET) qualifications to pay for their tuition fees. Higher level VET qualifications are at the diploma level and above. This loan replaced the Vet Fee Help Program as of 2017. (VFH)

The federal government applies a one-off 20% loan fee to your loan amount and results in a HELP debt to be repaid to the government through the taxation system once you reach the compulsory threshold, even if you are studying. The debt is incurred once you reach your census day for each part of your course.

A student may wish to seek independent financial advice prior to applying for a VET Student Loan.

How do I know if I’m eligible?

To access VET Student Loans, you must meet the following criteria:

• citizenship and residency criteria (be an Australian Citizen, qualifying New Zealand Citizen or permanent humanitarian visa holder who is usually resident in Australia.)
• the government’s academic suitability requirements
• be studying with an approved course provider
• be studying an approved course
• apply using the approved Electronic Commonwealth Assistance Form (eCAF)
• Confirm your commitment throughout the duration of your course to continue to access the loan.
• have a fee balance more than zero ($0)
• be eighteen (18) years of age or older unless you have a parental consent form signed by a responsible parent, or can satisfy being independent under the Social Security Act 1991, and can provide evidence on Centrelink Income Statement
• meet TAX File number requirements
• Have or obtain a Unique Student Identifier (USI)
• Supply the required evidence/documentation to submit loan application
• Submit the application form by the first census date or no less than two (2) business days after enrolling.

Please note: VET student loans will not be approved for students who do not meet eligibility requirements.

How do I apply?

To apply for a VET Student Loan, you will need to complete an online Electronic Commonwealth Assistance Form (eCAF) and will require your tax file number (TFN).

Before you sign and submit your form, you must read the VET Student Loan Student Information booklet available on VET Student Loan website. The form will ask you to provide your TFN. If you don’t have a TFN, you can give your provider a Certificate of application for a TFN. This certificate is available from the Australian Taxation Office (ATO)  after you have applied for a TFN. Contact the ATO on 13 28 61 for TFN information.

You must submit the signed and completed form to your provider by the census date or administrative date. If you do not submit your form on or before the census date, you will not be eligible for a VET Student Loan.

How much can I borrow?

There is a set maximum amount you can borrow through VET Student Loan over your lifetime; this is the VET Student Loan limit. To view the latest VET Student Loan limit visit Study Assist.

Repaying the loan

VET student loan gives rise to a VETSL debt that continues to be a debt due to the Commonwealth until it is repaid.

Your HELP debt is repaid through the tax system once your repayment income is above the minimum repayment threshold for compulsory repayment, even if you are still studying. Your HELP debt is indexed each year in line with movements in the Consumer Price Index (CPI) to maintain its real value but is otherwise interest fee. The compulsory repayment threshold for the 2019-2020 income year is $45,881.

Visit the ATO website at www.ato.gov.au for further information about HELP debt repayments.

Helpful information

The VET Student Loan Student Information Booklet is designed to assist students in understanding VET Student Loans, and their rights and responsibilities when accessing a VET Student Loan. The booklet can be accessed via VET Student Loan.

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