A VET Student Loan (hereafter VSL) is a loan from the Australian Government. It allows eligible applicants to pay their tuition fees. The loan is repaid through the Australian tax system once the student reaches the minimum income threshold for repayment. The minimum income threshold for repayment is set by the Australian Government each year, and is published on the website “Study Assist.” Repayments continue until the student has repaid the debt.
Important points —
1. A VET Student Loan is not “free money” to study it is a loan from the Australian Government
2. Approved applicants must repay the money borrowed through the Australian taxation system
3. Repayments commence once the applicant reaches a minimum income threshold
4. VSL will remain a personal debt until repaid and as such, this may reduce take-home (i.e. after tax) income and borrowing capacity
5. Applicants are advised to seek independent financial advice before applying
The amount an applicant may borrow for tuition fees is determined by the Australian Government. There is a specified loan cap for each course, in addition to an overall individual cap.
Lastly, VSL only applies to tuition fees. They do not cover additional costs that may be required such as —
1. Text books
2. Materials
3. Accommodation and/or living expenses
4. Internet access
The VET Student Loan program allows eligible students to defer tuition fees for approved diploma or advanced diploma courses.
You can either:
VET Student Loan Eligibility Requirements
Students who wish to apply for a VET Student Loan must have:
Additionally, students must have one of the following:
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:
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.
AOMI’s programs of study are nationally recognised and accredited.
RTO Number 41137.
All of our courses have been tailored to be delivered in a purely online format. Students receive all of the lesson content online, via the AOMI study portal. Students can also interact with subject lecturers, and their peers via the subject forums on the AOMI study portal.
