Vocational Education and Training is supported in Australia at both the Federal and State level.
Students are offered a range of funding choices depending on their personal circumstances through approved providers. Envirotech is a proud approved provider for a range of funding options.
The Federal Government is supporting students to undertake an approved qualification through a "study now, pay later" approach. The VET Student Loans program is a contingency loan where the student accrues the debt over the duration of the course with the responsibility to pay the loan back once they are earning a pre-determined amount.
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Pre-Enrolment Information for students wanting to apply for a VET Student Loan
There are a few things you need to think about before you apply for a VET Student Loan to pay for all or part of your course costs. When you apply for a VET Student Loan you are agreeing that you have read and understood this information as a condition of your application.
VET Student Loans:
• From 1 January 2017, VET Student Loans (VSL) was implemented by the Commonwealth Government
• This is a new student loans program that replaces the VET FEE-HELP scheme, and provides eligible students access to quality higher level VET qualifications, particularly those students who could not otherwise afford to pay upfront
• A VET Student Loan is a personal loan from the Commonwealth Government
• You will be required to repay your VET Student Loan to the Commonwealth Government when your income reaches the repayment threshold. The threshold can be found at www.studyassist.gov.au.
• Repaying the loan may reduce your take-home (after-tax) wage or salary and may reduce your borrowing capacity.
• You may wish to seek independent financial advice before applying for a loan.
• For full fee paying students, there will be a 20% loan fee applied to your loan.
• Students eligible for a state-based subsidy will not incur the 20% loan fee. Please contact us to discuss whether you are eligible for subsidy for your training.
For more information on applying for a course under VET Student Loan, please click here:
https://www.dewr.gov.au/vet-student-loans/vet-information-students
If you are eligible, you can access a VET Student Loan up to a certain amount (called a loan cap) for a range eligible courses. The Commonwealth has determined a FEE Help Limit of $100,879.00 per student (as at July 1st 2017) to complete qualifications utilising the VET Student Loan scheme.
Envirotech Education receives your tuition fees from the Australian Government and you repay your loan through the Australian tax system. When your income reaches the repayment threshold, you start making repayments until you have repaid the whole loan amount.
A VET Student Loan is only for tuition fees, and doesn't cover additional study costs such as your text books, materials and accommodation, if applicable.
What are Loan Caps?
•A Loan Cap is the maximum dollar amount for the qualification which will be paid to the training organisation by the Commonwealth for the delivery and training of the respective qualification. There are three bands of Loan Caps, $5000, $10,000 and $15,000, which will apply irrespective of whether the course is being delivered face-to-face, online, or via mixed delivery modes. The Commonwealth sets the Loan Caps for each course.
Training Providers can charge fees above the Loan Cap to deliver and train their qualification, which is NOT covered by the Commonwealth, and remains the responsibility of the student to pay directly to the training provider.
If you are eligible for a VET Student Loan, you will be entitled for a loan up to the specified Loan Cap amount per course.
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To be eligible for a VET Student Loan you must meet the following criteria.
You must be:
• an Australian citizen, or
• A New Zealand Special Category Visa (SCV) holder who meets the long-term residency requirements, or a permanent humanitarian visa holder.
• Not exceeded the FEE HELP limit.
• Meet academic suitability requirements.
• Enrolled with an approved course provider in an approved course.
• Studying the approved course primarily at a campus in Australia.
• Meet the Tax File Number (TFN) requirements.
• Have a Unique Student Identifier (USI) or are otherwise exempt. Have read the 2017 VET Student Loans information booklet (Add link to brochure)
• Provided the required documents to Envirotech Education and submitted the electronic loan application form (known as eCAF) by the first census day which is no less than two business days after enrolling.
• Able to provide proof of identification and citizenship
• Able to provide the required documents to Envirotech Education and submit the loan application form by the first census day, which is no less than two business days after enrolling.
Envirotech Education is an approved course provider. You can check if your chosen course is approved for a VET Student Loan on the course brochure. Search for your course here.
Before you can access a VET Student Loan, Envirotech Education must also determine if you are academically suited to undertake the course prior to your first census date.
Envirotech Education will ask you to:
• provide a certified copy of your Australian Year 12 Certificate of Education, or
• provide evidence of successful completion of an Australian Qualifications Framework certificate IV or higher qualification (where the language of instruction is English), or
• display competence at Exit Level 3 in the Australian Core Skills Framework in both reading and numeracy through an approved Language, Literacy and Numeracy test.
In addition, Envirotech Education must reasonably believe you will be able to successfully complete the course.
Our customer service teams are ready to support you through the application process. Contact us now for assistance on 07 5535 3766
For more information on VET Student Loans: https://www.dewr.gov.au/vet-student-loans/vet-information-students
