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VET Student Loans

VET Student Loans scheme

LTT has provided as an approved provider under the VET Student Loan scheme. 

What is the VET Student Loans scheme?

VET Student Loans is an Australian Government loan scheme that assists eligible fee paying students to pay all or part of their tuition fees without any upfront cost. The maximum amount you can borrow in your lifetime (known as the FEE-HELP limit) is currently $100,879. You can check your FEE-HELP balance at my Uni Assist.

Repayment is made through the tax system and commences once you are in the workforce and your income rises above the minimum repayment threshold. The threshold for the 2017-18 income year is set at $55,874 or above.

Taking out a VET student loan is not the only way for you to pay your tuition fees. You can also choose to:

  • pay all your tuition fees upfront, or
  • pay some of your tuition fees upfront and use a VET Student Loan for the rest, or
  • use a VET student loan for all your tuition fees (up to your FEE-HELP limit)

You are eligible for VET Student Loans if you are

  • an Australian citizen or a New Zealand Special Category Visa holder who meets long-term residency criteria and will undertake, in Australia, at least one unit of study contributing to your course; or
  • a permanent humanitarian visa holder who will be resident in Australia for the duration of your unit; or
  • a permanent visa holder undertaking bridging study for overseas-trained professionals, and will be resident in Australia for the duration of the study.
  • To get the loan, you must not have already exceeded your lifetime FEE‑HELP limit of $100,879 . This is the total amount available to eligible students under VET Student Loan scheme and the previous VET FEE‑HELP loan scheme. If you have accessed a loan for your studies at university or TAFE, you may need to check your balance to be sure you have sufficient left to pay for this course.

    Your VET student loan must be repaid once you earn an annual income above $55,874. Interest is charged on your debt and is indexed annually to the CPI – see the ATO website. There is also a loan fee for VET Student Loans, but this doesn’t count towards your FEE-HELP limit. The fee is 20% of the tuition fees for each unit of study you pay for with the loan.  Subsidised students are exempt from the loan fee.

 

VET FEE-HELP loan forms

Each unit of study has its own census date which is the last day you can submit the application or withdraw from the unit of study without incurring the cost or debt for the unit. LTT will issue you with a Vet Student Loans Invoice Fee Notice 14 days before each census date so that you know exactly how much debt you have and you have enough time to withdraw without incurring a FEE-HELP debt.

 Timetables and fee schedules

*A loan fee of 20% of the tuition fee applies to each unit of study you pay for using a VET student loan. This is a Commonwealth Government requirement.

While the 20% loan fee is added to your VET student loan, the amount is not deducted from your lifetime FEE-HELP limit.

This fee ONLY applies if you access a VET student loan to pay for some or all of your study.

Both Tuition Fee and VET Student Loans Fee added together will give you the TOTAL LOAN incurred.

NOTE: The census date is the last day that you can submit a Request for a VET Student Loan form or withdraw from the unit of study without incurring the tuition fee for the unit of study or the applicable VET Student Loans debt.

EFTSL: equivalent full-time student load

 

 

MSL50116 Diploma of Laboratory Technology

Queensland

Commencing 25 June 2018

Unit of Study Code & Name

EFTSL

Start Date

Census Date

End Date

Nominal Hours

Tuition Fee

VSL Fee*

DMSL01 The Laboratory Workplace

0.28

25/06/2018

03/07/2018

07/08/2018

270

$1,968

$393.60

DMSL02 Testing and Maintenance

0.24

13/08/2018

21/08/2018

25/09/2018

260

$1,640

$328.00

DMSL03 Quality Analysis

0.24

02/10/2018

10/10/2018

13/11/2018

360

$1,640

$328.00

DMSL04 Chemical Techniques

0.24

19/11/2018

01/12/2018

22/01/2019

360

$1,640

$328.00

Total

1.0

   

1250

$6,888

$1,377.60

 

MSL50116 Diploma of Laboratory Technology

Western Australia

Commencing 16 August 2018

Unit of Study Code & Name

EFTSL

Start Date

Census Date

End Date

Nominal Hours

Tuition Fee

VSL Fee*

DMSL01 The Laboratory Workplace

0.28

16/08/2018

24/08/2018

28/09/2018

295

$1,968

$393.60

DMSL02 Testing and Maintenance

0.24

04/10/2018

12/10/2018

16/11/2018

260

$1,640

$328.00

DMSL03 Quality Analysis

0.24

22/11/2018

04/12/2018

25/01/2019

280

$1,640

$328.00

DMSL04 Chemical Techniques

0.24

31/01/2019

08/02/2019

15/03/2019

540

$1,640

$328.00

Total

1.0

   

1375

$6,888

$1,377.60

 

MSL50116 Diploma of Laboratory Technology

Queensland

Commencing 4 October 2018 (originally scheduled to commence 20/09/2018)

Unit of Study Code & Name

EFTSL

Start Date

Census Date

End Date

Nominal Hours

Tuition Fee

VSL Fee*

DMSL01 The Laboratory Workplace

0.28

4/10/2018
(20/09/2018)*

12/10/2018
(28/09/2018)*

16/11/2018
(02/11/2019)*

270

$1,968

$393.60

DMSL02 Testing and Maintenance

0.24

22/11/2018
(08/11/2018)*

3/12/2018
(12/11/2018)*

18/01/2019
(21/12/2019)*

260

$1,640

$328.00

DMSL03 Quality Analysis

0.24

24/01/2019
(10/01/2019)*

1/02/2019
(18/01/2019)*

8/03/2019
(22/02/2019)*

280

$1,640

$328.00

DMSL04 Chemical Techniques

0.24

14/03/2019
(28/02/3019)*

22/03/2019
(08/03/2019)*

26/04/2019
(12/04/2019)*

360

$1,640

$328.00

Total

1.0

   

1250

$6,888

$1,377.60

Please note that the above table dates have been changed, as indicated by the asterisk (*). Previous dates have been placed in brackets, current dates are non-bracketed.