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VET Student Loans

Study now, pay later with VET Student Loan scheme

NOTE: VET Students Loans commenced on 1 January 2017, replacing the VET FEE-HELP scheme which ceased for new students on 31 December 2016.

LTT is an approved provider under the VET Student Loan scheme. At LTT, we currently offer under the FEE-HELP arrangement:

What is the VET Student Loan scheme?

VET Student Loan 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 Loan 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.

Applying for a VET Student Loan

We will provide you with a FEE-HELP Information booklet. We will check your eligibility by sighting and retaining evidence of your citizenship, residency and/or visa status (through VEVO).

To gain FEE-HELP assistance, you must also satisfy ONE of the following requirements:

  • provide us with a certified copy of a Senior Secondary Certificate of Education awarded to you by an agency or authority of a State or Territory for your completion of year 12; or
  • sit the Core Skills Profile for Adults (CSPA) online test and achieve a minimum result of Exit Level 3 in both reading and numeracy

All testing must be done at an LTT office. Each part takes 30-35 minutes. You may use a calculator for the numeracy test (although your mobile phone is not permitted). LTT will give you your results as soon as possible after the assessment. If the results are unsatisfactory, LTT may recommend other learning pathways to you. If satisfactory, you may apply for a VET Student Loan.

VET FEE-HELP loan request forms

The request for a VET Student Loan application may only be completed by you, the applicant, when at least two business days have passed since you enrolled – this is to allow for a ‘cooling-off’ period. LTT will enter your details from your enrolment form into the eCaf system. You will receive an email with login details so that you can complete the remainder of your VET Student Loan application. The online application must be completed no later than the census date for the first unit of study. If you don’t submit the online application by this date, you will have to wait until the next study term to request a VET Student Loan.

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 Loan 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.

For more information regarding VET Student Loan scheme or FEE-HELP, please visit the StudyAssist website.