VET Student Loans

Enrolling in a Diploma Course? You need to know about VET Student Loans

If you’re working hard to complete a qualification and improve your financial position, the last thing you need is the financial burden of a large and unnecessary student loan debt to repay.

Anyone looking to enrol in a Diploma qualification before Christmas should be aware that prices of Diploma courses are likely to come down shortly.

For example, a diploma being marketed at $18,000 in December may be available for as little as $5000 in January. Therefore, it may pay to hold off on enrolling for a month or so.

What’s Changing

VET FEE-HELP is being overhauled to make way for a fairer and more equitable loan scheme for students.

Subject to the passage of legislation, the replacement scheme will be known as VET Student Loans and commence on 1 January 2017.

  • The changes are designed to ensure students aren’t subject to aggressive pricing by unscrupulous providers, and burdened by overblown and expensive debt.
  • It’s expect more than half of the current 800 VET FEE-HELP courses on offer will be excluded from the new student loan.
  • The new scheme directs funding towards qualifications more likely to lead to jobs for students and is structured in three price bands, with caps of $5,000, $10,000 and $15,000 for a variety of diplomas and advanced diplomas.

If you’re a student currently financing study through a VET FEE‑HELP loan, you will not be automatically transferred to the new VET Student Loans program.