What is a VET Student Loan?
VSL is a government student loan scheme that allows eligible students to access $10,000 to put towards the tuition fees of approved courses. The loan is paid later through the tax system once your income is above the minimum repayment threshold.
VET Student Loans will not be approved for students who do not meet eligibility requirements. A VET student loan gives rise to a HELP debt that continues to be a debt to the Commonwealth until it is repaid.
Eligibility for VET Student Loan
To be eligible for a VSL you must:
(a) Be an Australian citizen or a humanitarian visa holder resident in Australia for the entire course,
(b) Be enrolled in an eligible unit of study and remain enrolled in the unit at the end of the census date,
(c) meet the tax file number(TFN) requirements. If you do not have a TFN, you can obtain a Certificate of application from the Australian Taxation Office after you have applied for a TFN,
(d) submit an electronic Commonwealth Assistance Form (eCAF) on or before the census date,
(e) have not exceeded the FEE-HELP limit.
How much can I borrow?
Eligible students can borrow up to the FEE-HELP limit (which is adjusted annually). Currently $99,389 (2016). The FEE-HELP limit is the total amount available to eligible students under both the VET FEE-HELP and FEE HELP loan schemes. This means that any amount you borrow under either VET FEE-HELP or FEE-HELP will reduce your FEE-HELP balance (the amount of FEE-HELP you have left to use) until you have reached the FEE-HELP limit.
From January 2017, the new VET Student Loan scheme caps the amount that may be borrowed for the Diploma in Beauty Therapy to $10,000.
Further information can be obtained by visiting the government website Study Assist.
When do I start paying back the loan?
The compulsory repayment income threshold is $54,874 pa (2017-18). The threshold is adjusted annually. Repayments are compulsory and are made through the Australian taxation system and continue until you have repaid your whole debt. The amount you repay each year is calculated as a percentage of your repayment income. The repayment percentage increases as your income increases, but is capped at 8% of your income.
Further information can be obtained by visiting the government website Study Assist
What is the census date?
The census date is the last day you can:
(a) submit an electronic Commonwealth Assistance Form to access a VET Student Loan; or
(b) withdraw your enrolment without incurring the cost or debt for that unit.
The GCSB Diploma of Beauty Therapy is divided into four units with a census date for each unit. (Each of these units are comprised of a number of units of competency nationally recognised throughout Australia.)
The census date for each unit of enrolment is shown on the Schedule of VET Tuition Fees.
Additional information can be obtained by visiting the government website Study Assist
How do I apply for VET Student Loan for the Diploma of Beauty Therapy at GCSB?
(a) Should you decide to apply for a VET Student Loan, your application must not be made within a period of two business days after you enrolled in the course. At the end of this period, the School, with your permission, will submit your enrolment details to the online eCAF system. You will then receive an email with instructions on how to complete your online eCAF. You must also read and understand the information contained within the VET Student Loans Information Booklet 2017 prior to submitting the eCAF.
(b) You may withdraw your request at any time prior to the census date of the first enrolment unit. The application must be valid i.e. contain your valid tax file number (if your tax file number is incorrect – you will not be able to use a VET Student Loan for that study period).
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Tuition Assurance Statement
GCSB are a member of an Australian Tuition Assurance Scheme (ASTAS) provided by the Australian Council for Private Education and Training (ACPET) (ph: (03)9412 5900).
If GCSB ceases to provide an approved course before it is completed, ACPET will offer affected students a replacement course with another ACPET member (“replacement provider) that offers a comparable course. The student may seek to review the decision about whether or not the course is a replacement course that meets those requirements.
If the student accepts the replacement course, they will not be required to pay the replacement provider for the replacement components of the replacement course, and will receive course credits for parts of the original course already successfully completed. The student will only be liable for future fees to the replacement provider; however, these fees may be different from the fees payable to the original provider. The student will have six months within which to accept the offer of a replacement course/provider, although ACPET may extend this period in circumstances that justify an extension.
If there is no suitable replacement course, the student may obtain a re-credit from ACPET for the unutilised part of their FEE-HELP fees.
If the student enrols in a course that is not a replacement course, the student may be required to pay additional tuition fees and may not receive the course credits the student would have received if the student had enrolled in a replacement course.