Vet Student Loan (VSL)
VET Student Loans is an income contingent loan program to assist eligible vocational education and training (VET) students to pay their tuition fees for selected courses at the Diploma level and above. The program is designed to provide financial loan support to students undertaking higher level training in courses that address workplace and industry needs, creating better opportunities for employment.
Loan Limit
The combined HELP loan limit is a cap on what you can borrow from the Australian Government to cover the costs of your tuition fees. The HELP loan limit is indexed annually on 1 January.
Students can access VSL to pay the amount of any tuition fees for a course up to the designated maximum VSL loan cap band, provided the amount does not exceed their HELP loan limit.
Loan Fee
There is no interest charged on HELP debts. The HELP debt is, however, indexed each year. it increases annually to maintain its real value, adjusting in line with changes in the cost of living.
Although the loan does not incur any interest, a Loan Fee of 20% applies to VSL for all courses other than state or territory subsidised courses. The amount of the VETSL debt is the amount of the VSL provided for a part of a course or unit, plus the loan fee.
The loan fee is not included in a person's HELP balance but is included in a person's VETSL debt.
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The Australian Government has limited the courses and number of VET student loan eligible places. If you find a course that suits your career goals and would like to use VET Student Loans to cover your tuition fees, we encourage you to complete your enrolment as soon as possible to avoid any disappointment of missing out.
Students utilizing VET Student Loans may be required to complete an online progression form at various points during their enrolment and to be actively engaged in the course. Not doing so may result in your enrolment being cancelled. The online progression forms inform the Australian Government that you would like to continue to use the VET student loan to pay your tuition fees.
Loan Fee
​There is no interest charged on HELP debts. The HELP debt is, however, indexed each year. it increases annually to maintain its real value, adjusting in line with changes in the cost of living.
Although the loan does not incur any interest, a Loan Fee of 20% applies to VSL for all courses other than state or territory subsidised courses. The amount of the VETSL debt is the amount of the VSL provided for a part of a course or unit, plus the loan fee.
The loan fee is not included in a person's HELP balance but is included in a person's VETSL debt.
Eligibility
You may be eligible for VET Student Loan if you meet all the following requirements:
✓ You are an Australian citizen, a permanent humanitarian visa holder who resides in Australia, a Pacific Engagement visa holders who are usually resident in Australia, or a New Zealand Citizen who meets the minimum long-term residency requirements.
✓ You are a full fee-paying student, enrolled in an approved VET Student Loans course through an approved VET provider, such as Envirotech, and remain enrolled in the unit at the end of the census date.
✓ You have a USI or are otherwise exempt.
✓ You have a tax file number.
✓ You have met the minimum entry requirements by completing one or more of the following:
• Providing a copy of your Australian Year 12 Completion Certificate
• Providing evidence of successful completion of an Australian Qualifications Framework Certificate IV or higher-level qualification
• Complete a Language, Literacy and Numeracy assessment and achieve a minimum exit level 3 in Reading and Numeracy. The LLN level required is determined by the Department of Education but administered by Envirotech using the approved LLN Robot Tool and is conducted after you enrol into the course. The process is to be conducted with honesty and integrity and the results of the LLN will be communicated in writing. The results may also be requested by the Department, in such circumstances the results will be provided to the Secretary in the form, manner and by the time requested by the Secretary.
VET student loans will not be approved for students who do not meet eligibility requirements. A VET student loan gives rise to a VETSL debt that continues to be a debt due to the Commonwealth until it is repaid.
For more information on VET Student Loans and eligibility view the fact sheets on the Department of Education and Training website.
Approved Courses Under Vet Student Loan (VSL)
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MSS50122 Diploma of Sustainable Operations
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SIT50322 Diploma of Event Management
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SIT50422 Diploma of Hospitality Management
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BSB50420 Diploma of Leadership and Management
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BSB50820 Diploma of Project Management
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AHC51120 Diploma of Conservation and Ecosystem Management
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11087NAT Diploma of Marine Habitat Conservation and Restoration
How is a VET Student Loan repaid?
The Australian Government pays the amount of the loan direct to a student's provider for tuition fees. Students make repayments on their loans through the Australian Taxation System for each financial year they earn over the threshold. The threshold changes each year.
The amount you repay each year is calculated as a percentage of your repayment income. It increases and decreases with your income. The repayments range from a minimum of 1% to a maximum of 10% per annum of your taxable income. For years in which you earn under the repayment threshold there are no mandatory repayments.
Continued Access to VET Student Loans
To receive continued access to VET Student Loans for the entire course, you must be considered a genuine student for the duration of your studies. Factors determining genuineness include but are not limited to; class attendance, submitted assessments, logins, regular communication with our academic team.
Students who are determined to be disengaged or not genuine may be withdrawn from the course. If Envirotech withdraws a student, the student will have no less than 28 days to respond before the cancellation takes effect.