VET FEE-HELP and VET Student Loans
Asset College does not have a contract to deliver qualifications with VET FEE-HELP loans and will not be applying to deliver them under the new VET Student Loans. If you are looking to begin studying under the VET Student Loans scheme, doing your research to ensure you are fully informed before committing to your enrolment is a must.
There have also been some recent changes to VET Student Loans which you should be aware of and some important points to remember.
It is a loan
Just because something says, study now pay later or don’t pay anything until you reach a specific income threshold, doesn’t mean you will ever get away with not paying for your qualification. All VET FEE-HELP loans are required to be paid back at some point. The current income threshold for your repayments to begin will likely change in the future regardless of how much you currently earn or whether the qualification has actually helped you in your career.
Expect that you will need to pay back the loan including interest and other fees, full stop.
The new scheme
On the 1st of January 2017, VET Student Loans was introduced which replaces the VET FEE-HELP scheme. Students eligible for the loans will only be entitled for loans up to a capped amount and providers may charge above the capped amount for the course and you will be expected to pay the difference.
Only certain qualifications can be studied under VET Student Loans. Some of the previous qualifications that were available are no longer available. Check the list of Approved Qualifications here.
Now, you will actually have to be progressing through your course to remain on the new scheme. This will require you checking in regularly and re-accepting your VET Student Loan agreement to be able to do so.
What else do I need to know?
Unfortunately, providers have significantly inflated their course fees when offering VET FEE-HELP courses and this does not look likely to change with the new scheme. Many will be more than five times what you would pay for exactly the same course through ASSET. We can also offer alternate payment options and financing which is less expensive than VET FEE-HELP or the new VET Student Loans.
We suggest you visit the Department of Education and Training website to find out more about important information to consider before committing to a VET Student Loan.
Please contact us if you would like to chat about our payment options and the qualifications we can offer you.