VET Student Loans
VET Student Loans (VSL) is an Australian Government loan program that helps eligible VET students pay their tuition fees. If you’re studying a diploma or advanced diploma with The National Theatre, you may be eligible for a student loan.
A VET Student Loan is a loan from the Australian Government who will then pay the student fees on your behalf. Your loan is repaid through the Australian tax system when you reach a 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 (add web link https://www.studyassist.gov.au/paying-back-your-loan/loan-repayment). 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 wage and your borrowing capacity. You may wish to seek independent advice before applying.
A VET student loan is only for tuition fees and doesn’t cover additional costs such as text books, materials or accommodation. Payments are made incrementally as you progress through the units of study and paid on ‘Census Dates’ so if you wish to withdraw from a course you do not incur the full amount of the loan.
To be eligible for VET Student Loans assistance, you must be undertaking study at an approved VET provider (such as the ANMT) and:
- be an Australian citizen OR the holder of a permanent humanitarian visa who will be resident in Australia for the duration of the VET unit of study for which you are seeking VET Student Loans assistance;
- be undertaking study as a full fee-paying student OR be undertaking study as an eligible subsidised student in a Reform State or Territory;
- be enrolled on or before the census date (which is set at no less than 20% of the duration of the eligible VET unit of study) and remain enrolled in the unit at the end of the census date;
- have completed, signed and submitted a valid Request for VET Student Loans assistance form on or before the census date for the VET course of study of which the unit forms a part;
- meet the tax file number requirements; and
- not have exceeded the FEE- HELP limit.
For more information see the studyassist website https://www.studyassist.gov.au/vet-students/vet-student-loans.
Applying for a VET Student Loan with The National Theatre.
You can only apply for a VSL if you have been accepted and are enrolled on one of our diploma or advanced diploma courses. Speak to our administration staff if you wish to apply for the VSL program and they will advise you of the procedure.
Download our current census dates here: https://www.education.gov.au/census-dates
Full details can be obtained from the VET Student Loans Information Booklet 2019
If you are eligible for VET Student Loans assistance you can borrow funds up to your lifetime FEE- HELP limit to help pay for up to $10,000 of your VET tuition fees for this course. In 2017 the FEE-HELP loan limit is $100,879. This amount is indexed each year.
A loan fee of 20% applies to full fee-paying students undertaking VET Student Loans but the FEE-HELP limit does not include the loan fee.
VET Student Loans debts become part of your accumulated HELP debt. The debt is indexed each year by movements in the CPI (Consumer Price Index) to maintain its real value. The debt is paid through the tax system once your income is above the minimum repayment threshold for compulsory repayment; for the 2018–19 income year it is $51,957. You can make voluntary repayments to reduce your HELP debt at any time; some voluntary repayments attract a bonus.
For more information see the studyassist website https://www.studyassist.gov.au/vet-students/vet-student-loans
VSL Student Loans policies and procedures
VET Student Loans policies and procedures: https://www.education.gov.au/vet-student-loans