So, you’re thinking about pursuing a new career, but you’re worried about the cost of tuition associated with the training you will need. We totally get it – upskilling can be expensive! Thankfully, there are a variety of financial assistance programs available to help make your dreams a reality. One of these is the Australian Government VET Student Loans program. We understand that navigating the world of student loans can be confusing and overwhelming. That’s why we’re here to answer the ‘Top 3 Questions’ we are regularly asked about VET Student Loans.
Question #1: What is a VET Student Loan?
The VET Student Loans (VSL) program is a financial assistance scheme offered by the Australian Government. It assists eligible students who are studying with VET Student Loans approved course providers, to pay tuition fees for approved higher-level (Diploma and above) Vocational Education and Training courses. In other words, if you’re enrolled with an approved training provider in an approved qualification, the VSL program can help you pay for your education. You pay back your loan when you are working and earning $$$.
Question #2: Are HECS-HELP and FEE-HELP the same as VET Student Loans?
No, HECS-HELP and FEE-HELP are different from the VET Student Loans program. HECS-HELP is a loan for eligible Commonwealth supported students who are studying at public universities (and some approved private institutions of higher education). FEE-HELP, on the other hand, can be offered to eligible students who study courses where the tuition fees are set by approved providers. VET Student Loans are only available to eligible students pursuing approved higher-level Vocational Education and Training programs.
Question #3: Is a VET Student Loan interest-free?
Yes, eligible students can secure an interest-free loan to pay for all or part of their tuition fees for approved courses through the VET Student Loans (VSL) program. This is a fantastic benefit as it can help alleviate some of the financial stress that comes with taking out student loans. It’s important to note, however, that there are caps on how much you’re able to borrow, so be sure to do your research and plan ahead accordingly. Even though there is no interest charged on VSL debts, your VSL debt is indexed each year. That means it increases annually on 1 June, adjusted in line with changes to the cost of living (as measured by the Consumer Price Index figure released each March), to maintain its real value.
Conclusion:
Upskilling is a significant investment, but programs like VET Student Loans can clear the way for students to pursue their passion and advance their career. We hope that by answering these ‘Top 3 Questions’, we’ve helped alleviate some of your concerns and provided you with some valuable information about the VET Student Loans program. It’s important to know that there are many resources available to help you. You don’t need to feel lost, check out this site for more information. And don’t be afraid to reach out for guidance, feel welcome to contact us at Skills Generation if you have questions or could use some assistance along the way. Best of luck on your educational journey!
