Government Student Loans
VET Student Loans is a Government loan offered by the Australian Government to eligible students enrolling into Vocational Education and Training (VET) to help pay for their tuition fees.
VSL Key Facts
A VET Student Loan is a loan issued by the Commonwealth
This loan will remain as a personal loan that must be repaid to the Commonwealth
The loan, until it has been repaid, may reduce the students after-tax income and may reduce the students borrowing capacity through other loan providers (such as home, car, etc)
A student is welcome to seek additional financial advice prior to applying for a VET Student Loan
A 20% loading fee is applied to all VET Student Loans by the Australian Government (This does not count towards your VSL cap).
Indexation is applied by the ATO yearly.
You don’t need to begin repaying the loan until you earn over $48,361 a year. The loan is repaid based on your income at a percentage between 1% – 10%.
Am I eligible to apply?
You will need to read the VET Student Loans Information Booklet before applying for a VET Student Loan.
To be eligible for a VET Student Loan,
you need to meet the following criteria:
Be an Australian Citizen (or in possession of eligible visa's)
Be over 18 years of age (parental consent required if under 18 years of age)
Have an issued Year 12 Certificate (A student may have a certificate or diploma already)
Have a Tax File Number
Have a Unique Student Identifier Number