VET Student Loans.

There are no age restrictions to apply for a VET Student Loan, though the intent is that your study will have a vocational outcome. That is, it will enable you to get a job or support your career progression.
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Parental consent is required for students who are under 18 years old, unless you are receiving Youth Allowance (on the basis that you are independent). You must provide a copy of your Centrelink Income Statement noting your independent assessment. Otherwise, your parent or guardian must sign the Commonwealth’s Parental Consent Form and return it to the College before you can apply for a loan. Click here to access the form or collect from SFC.
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Your parent or guardian will not be responsible for making loan repayments and it will not affect their credit rating. You will have to make the relevant repayments once your income reaches the minimum repayment threshold.

From 1 January 2017, the Commonwealth Government has set a course loan cap for each course. The loan cap is the total amount the student can borrow for the course. Most students will not be affected by the course loan caps. If there is a gap between the course fee and the course loan cap, you will be advised when you enquire.

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There is also a lifetime loan limit per student. This is the total amount you can incur in your lifetime under any Commonwealth HELP student loan scheme – whether it is Higher Education FEE-HELP, VET FEE-HELP or a VET Student Loan. It is indexed each year, in line with the Consumer Price Index (CPI).

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Students can check their HELP loan limit and loan obligations by logging into myHELPbalance. You will need your Commonwealth Higher Education Student Support Number (CHESSN) to log in.

Log into the myHELPbalance portal to check your available HELP balance. You will need your Commonwealth Higher Education Student Support Number (CHESSN) to log in.

All students wishing to apply for a VET Student Loan must be assessed for academic suitability to under take a high level VET qualification. This is to ensure you have the skills and knowledge to succeed in your course. Academic assessment is in addition to any other entry requirements for your course, or any other additional selection criteria. To be assessed as academically suitable, you must either:

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• Provide a copy of your senior secondary certificate of education (Australian Year 12 Certificate)that has been awarded by an Australian authority or agency, or an International Baccalaureate Diploma Programme (IB) Diploma or;
• Provide evidence of attainment of an Australian Qualification Framework qualification at Certificate IV level or above (or at a level in a framework that preceded the AQF that is equivalent to level IV or above in the AQF) that was delivered in English, or evidence of an approved Australian Government assessed overseas qualification. You may provide a Certificate or transcript from your previous provider or a transcript from the national USI register (for qualifications attained from 2015) or;
• Undertake an approved literacy and numeracy assessment and be competent at Exit Level 3 or above in reading and numeracy. Your college will assist you through the process to undertake this assessment if required. There is no cost to you.

If you have completed previous studies, you could be eligible for reduced fees. You should also let us know as soon as possible, if you have experience in the area you are studying and think you may qualify for Recognition of Prior Learning (RPL) which means your study load is reduced and your fees may also be lower.

The Commonwealth Government selects VET Student Loan eligible courses in line with industry needs and employment outcomes and approves providers to offer those courses with a VET Student Loan. SFC is an approved provider for VET student loans and all 3 diplomas SFC offers are eligible.

A VET Student Loan is a personal debt obligation that can affect your credit rating. It may also have wage and tax repayment implications. You should seek independent financial advice before applying for a VET Student Loan.

Centrelink benefits do not affect your eligibility or the amount of VET Student Loan assistance you can access.

New Zealand citizens who hold a Special Category Visa (SCV Subclass 444) and meet the residency criteria are eligible to apply for a loan. The residency requirements are:

• you first began living in Australia at least 10 years before applying for a loan, and at that time, were a child under 18 years of age and did not have a spouse or de-facto partner and;
• you have been in Australia for at least eight of the 10 years immediately prior to applying and at least 18 months of the last two years.

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You will need to provide evidence to TAFE of your eligibility before requesting a loan.

Yes, please refer to the Commonwealth Government Student Obligations Factsheet to ensure you understand your responsibilities to maintain your loan.

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The Commonwealth will contact you two to three times per year (February, June or October) by email and ask you to complete a student survey to confirm that you are still studying and wish to continue to access a VET Student Loan. You must complete the survey to maintain your loan and confirm that you are a genuine student. Failure to comply with the request could result in the cancellation of your loan.

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In addition, if you are not progressing through your course, SFC may also cancel your enrolment to ensure that you are not unnecessarily incurring a debt.