The VET Student Loan program allows eligible students to defer tuition fees for approved diploma or advanced diploma courses.
You can either:
- Defer all your tuition fees (up to the course loan cap limit)
- Pay some of your tuition fees upfront and defer the balance.
- Your loan is repaid through the Australian tax system. When you reach the minimum income threshold for repayment. There is a loan fee of 20% for full fee-paying students which is added to your debt with the Government, however there isn’t any on going interest.
VET Student Loan Eligibility Requirements
Students who wish to apply for a VET Student Loan must have:
- An Australian Tax File number [TFN]
- A Unique Student Identifer [USI]
Additionally, students must have one of the following:
- Australian Senior Secondary Certificate i.e. Year 12 or VCE equivalent;
- An Australian Qualification Framework (AQF) Certificate IV or higher qualification where the language of instruction is English;
- ACFS Exit level 3 LNN test [Australian Core Skills Framework]
If you haven’t completed year 12 or another qualification at a Certificate IV level or above, we will send you a link to complete an online LLN test with The Learning Resources Group on their LLN Robot platform.
Additionally, you can check your VET Student Loan eligibility here >>
A VET Student Loan is an agreement between you and the Commonwealth Government.
To apply for a VET Student loan:
- You must meet all the loan eligibility requirements
- If you are accepted into a course, AOMI will advise the Commonwealth that you wish to apply
the Commonwealth will then email your logon details and password to access the online loan application
- If approved, AOMI will be advised by the Commonwealth and your enrolment can be finalised.
As with any loan you take, you must understand the terms and conditions before you make a commitment.
Please read the VET Student Loan information available on the Commonwealth Department of Education website and consider seeking independent financial advice.
There are no age restrictions to apply for a VET Student Loan. For students who are under 18, your parent or guardian must co-sign your application.
Your parent or guardian will not be responsible for making loan repayments and it will not affect their credit rating. You will begin making repayments once your income reaches the minimum payment threshold.
Download the parent consent form here >>