How do I know if I’m eligible?
You are eligible for a VET Student Loan if you:
- Are an Australian citizen, NZ Special Categories Visa (SCV) holder who meets eligibility criteria, or a permanent humanitarian visa holder (resident in Australia for the duration of the unit); AND
- Have a Unique Student Identification (USI) number or are otherwise exempt; AND
- Meet course requirements as follows; AND
- is specified on the Vet Student Loans (courses and loan caps) determination; and
- delivered by an approved course provider; and
- is a qualification of diploma, advanced diploma, graduate certificate or graduate diploma in the Australian Qualifications Framework.
- Have not exceeded the VET Student Loan limit (see below); AND
- You have been assessed as academically suited by either:
- Providing your Australian Year 12 Certificate; OR
- Providing evidence of successful completion of an Australian Qualifications Framework Certificate IV or higher qualification (where the language of instruction is English); OR
- Displaying competence at or above Exit Level 3 in the Australian Core Skills Framework (ACSF) in both reading and numeracy through a CSPA (Core Skills Profile for Adults) LLN (Language, Literacy and Numeracy) assessment.
- In addition, Redcliffe Aero Club must reasonably believe you show competence in completing the course.
How do I apply?
To apply for a VET Student Loan, you will need a tax file number (TFN) and a Request for VET Student Loan ECAF Form.
Before you sign and submit your form, you must read the VET Student Loan Student Information Booklet 2017. The form will ask you to provide your TFN. If you don’t have a TFN, you can give your provider a Certificate of application for a TFN. This certificate is available from the Australian Taxation Office (ATO) after you have applied for a TFN. Contact the ATO on 13 28 61 for TFN information.
You must submit the signed and completed form to your provider by the census date or administrative date. If you do not submit your form on or before the census date, you will not be eligible for a VET Student Loan.
How much can I borrow?
There is a set maximum amount you can borrow through VET Student Loan over your lifetime; this is the VET Student Loan limit. To view the latest VET Student Loan limit visit Study Assist.
How do I repay the loan?
Your HELP debt is repaid through the tax system once your repayment income is above the minimum repayment threshold for compulsory repayment, even if you are still studying. Your HELP debt is indexed each year in line with movements in the Consumer Price Index (CPI) to maintain its real value but is otherwise interest fee.
Visit the ATO website at www.ato.gov.au for further information about HELP debt repayments.
When do I have to repay my HELP debt?
You have to start repaying your HELP debt through the taxation system once your repayment income is above the compulsory repayment threshold, even if you are still studying. The compulsory repayment threshold is adjusted each year. The compulsory repayment threshold for the 2015-2016 income year is $54,126 and the compulsory repayment threshold for the 2016-2017 income year is $54,869.
Repayment income is calculated from the amounts given on your income tax return for:
- your taxable income;
- reportable fringe benefits (reported on your payment summary);
- total net investment loss (which includes net rental loss);
- reportable super contributions; and
- exempt foreign employment income amounts.