If you are familiar with the old VET-FEE HELP scheme, you should know that a new program is in place which had already been implemented right on the very first day of the new year. The start of 2017 welcomed the new VET Student Loan program, a government initiative that gives eligible students the access to quality higher level VET (Vocational Education and Training) qualifications, most especially to those who are unable to finance their own studies.
It is said to be more student-centred and is much focused on employment outcomes. How? The government will reduce the number of courses that can be subsidised under the new program and will instead concentrate on industry-led qualifications or those that are related to science, technology, engineering, and math, collectively known as STEM courses. You can now take on higher level qualifications with bigger chances of getting employed after as these are the courses that are aligned to what employers and booming industries in Australia are searching for.
The new VET Student Loan is also designed to protect students from unscrupulous marketing promotions that are being made by some educational providers to lure students like you into enrolling into a course that is not a suitable match to your skills or educational background; as well as into undertaking a loan without the proper information materials to help you decide. This new program will also have a stricter compliance and filtering system that will ensure that all educational providers are capable of delivering quality courses to their students so that they will eventually graduate satisfactorily and will be able to meet the standards set by potential employers.
Who are eligible to access the new VET Student Loan?
A potential student should be either:
On top of that, a candidate will also be assessed if he or she is academically fit to undertake the eligible course. Their FEE-HELP balance must also be greater than zero.
What are the approved courses?
Unlike the old VET-FEE HELP scheme, there will now be a formal list of approved courses that can be subsidised under the new program. Thus, many courses from before will no longer be available. The ones that this new program will focus on are courses that have high national priority, meet industry needs,
Furthermore, the VET Student Loan program will let students aim for higher qualifications like:
What are student loan caps?
The new VET Student Loan will now enforce a loan cap or a limit of up to how much a student can borrow for his or her approved course whether it is delivered face-to-face, online, or via mixed delivery methods. There will be three loan cap bands:
In some cases, educational providers may charge above the cap for a certain approved course. If the student still wishes to pursue this course, he or she is expected to shoulder the balance on top of the loan cap.
What if I am already a VET-FEE HELP student?
The government understands that many students are currently on the old VET-FEE HELP scheme and so a transition stage will be enforced to minimise any disruption on their ongoing studies. These students will be contacted through email or post by the Department of Education and Training and will be given instructions to opt-in if they still wish to continue under their current loan program. Those that are eligible to opt-in are those who:
If you think you want to stay under the old VET-FEE HELP scheme and may need some assistance with opting in, please feel free to get in touch by calling 1300 236 364 or by emailing us at info@queensford.edu.au.
What if I have already enrolled into a course that is yet to start this year?
The old VET-FEE HELP scheme had immediately been superseded by the new VET Student Loan program effective January 1st, 2017. You will no longer be able to use it for your course that is yet to start this year. What you need to do is to apply for a VET Student loan, find out if your desired course is an approved course under the new program, and look for an accredited educational provider.
New government initiatives like this 2017 VET Student Loan program is usually a bit confusing at first. Many will find lots of differences between the new program and the old scheme and this can be a cause for worries for existing students, and a major obstacle for those who are still new to student loans.
At Queensford College, our aim is to guide our students, their families, and the communities around us in understanding legislations like this for we want to ensure the efficient delivery of education that is high quality and compliant to government standards. We wish to help those who are interested to know more about this new student loan program and to guide them towards the correct resource and approved course to be able to successfully access a loan. Our course consultants are available to answer your VET Student Loan queries during business hours from 9 am to 5 pm, Mondays to Fridays. Contact us here if you want to find out more information on accessing a student loan for a course with us.
