What is a VET Student Loan?
A VET Student Loan (VSL) is a loan from the Australian Government that helps eligible students pay their tuition fees. Your loan is repaid through the Australian tax system when you reach the minimum income threshold for repayment. The minimum income threshold for repayment is set by the Australian Government each year and is published on Study Assist. Repayments continue until you have repaid your entire debt. It is important to note that your loan will remain a personal debt until it is repaid, and it may reduce your take-home (after tax) wage and your borrowing capacity. You may wish to seek independent financial advice before applying. For more information on the VET Student Loans program, visit the Department of Education, Skills and Employment VET Student Loans website.
The amount you can borrow for your tuition fees is determined by the Australian Government, this information is updated annually and can be found on their VET Students Loans website. Your individual loan amount also depends on your current HELP loan balance, which can be checked on the My Help Balance website. A VET Student Loan is only for tuition fees and does not cover additional costs such as textbooks, materials, or accommodation.
Special loan fee exemption for pandemic relief
On 12 April 2020 the Australian Government announced an exemption of the 20 per cent loan fee for full fee paying VET Student Loan students. All VET Student Loan amounts incurred on census days between 1 April 2020 to 30 June 2021 will not incur the usual 20 per cent loan fee. Students will not need to do anything for the exemption to be applied.
More Information: Download the VSL INFORMATION FOR SKILLS GENERATION STUDENTS booklet from the Resources tab located in the top left corner of our website.
The VSL Information for Skills Generation Students booklet will provide you with information on all of the Skills Generation processes and procedures relating to student entry, applying and enrolling, fees, re-crediting HELP balances, handling of information, academic suitability, census days and important notices, eCAFs, withdrawal from courses, cancellation of enrolment, student complaints, and VET Student Loan considerations.
VET Student Loans (VSL) Approved Courses
The fees for VSL approved courses are set out below.
Click into each course to see the units within the qualification.
Once you have enrolled, The Skills Generation VSL team will supply you with a Schedule Agreement outlining the important dates and fees relevant to your VET Student Loan, as well as your obligations to Skills Generation in relation to VET Student Loans. The Schedule Agreement will include information and dates regarding the:
• Electronic Commonwealth Assistance Form (eCAF)
• Statement of Covered Fees (SoCF)
• VET Student Loans Fees Notice
• Census Dates
• Commonwealth Assistance Notice (CAN)
• Progression Forms
For more information download the Australian Government’s ‘Student Obligation’ resource