Australian Government VET FEE-HELP Scheme

In recent years, Australia has started becoming an incredibly popular destination for students looking to get a quality higher education. It is one of the most developed countries in the world and is full of jobs just waiting for qualified people to come and claim them.

However, in recent years the Australian government has come under fire from its citizens for favoring foreign students over Australian nationals. This has prompted the Australian government to make some major changes to its educational structure. One of these changes is the development of the VET FEE-HELP scheme.

This scheme essentially involves the provision of special, low interest loan to students who are studying vocational courses and apprenticeships. The focus on the vocational side of education stems from a desire among the Australian people to shift to education regarding the more practical side of employment.

Australia has found itself inundated with doctors and financial experts from Asia in recent times. These employees have proved to be extremely effective and have left little room for Australian citizens who are wishing to enter these fields. This has resulted in a renewed interest in vocational fields, prompting the creation of the VET FEE-HELP Scheme.

What is the VET FEE-HELP Scheme?

It is a new variant of the FEE-HELP scheme initiated by the Australian government intended to help students who are studying vocational fields. Initially, FEE-HELP was only available to students who were pursuing traditional academic courses as well as students who were going into medicine and law. FEE-HELP is now available for students who are looking to learn a trade rather than just get a degree.

FEE-HELP refers to a large sum loan that can be withdrawn by students over a period of time and can be repaid in small amounts after the student has completed their education.

This can also be access for a wide range of diploma courses online, not just on-campus studies.

Who is Eligible for the Scheme?

In order to be eligible for this, or any other variant of the FEE-HELP scheme you are going to have to be a citizen of Australia. Permanent residents of Australia can also avail the scheme, although they must do so conditionally. FEE-HELP courses online are also available to students who are taking refuge in Australia or are here on the basis of humanitarian exemptions to immigration law.

You must also be well within the FEE-HELP limit that applies to every Australian student eligible for these schemes. The limit is discussed in detail below.

It is important to note that just being an Australian citizen does not make you automatically eligible for FEE-HELP. You need to be enrolled in a college that has been pre-approved to receive FEE-HELP, and must also meet certain course requirements.

A common misconception is that you need to meet certain grade requirements in order to justify receiving FEE-HELP. However, this is not the case. Grades play no role whatsoever in you receiving FEE-HELP.

However, you do need to enroll in a course that has been pre-approved by the government to be eligible for FEE-HELP. There are a number of courses out there that are not crucial to the betterment of Australian society, and so you will not be provided FEE-HELP for these courses.

This measure has been put in place in order to encourage students to take up courses that Australia needs, and get jobs that are currently not filled simply because there is nobody in the country qualified enough to get these jobs.

Additionally, it helps to be subsidized by your provincial government in order to qualify for FEE-HELP. This is an important step that is done in order to ensure that no one is able to fraudulently claim FEE-HELP.

How Much Can I Borrow?

There are varying amounts that have been set aside for students of different courses. The highest limit is given to students who are studying medicine. These students can borrow up to one hundred and twenty thousand Australian dollars over the course of their academic career.

However, the limit is a fair bit lower for students who are studying vocational courses, mostly because these courses are a lot cheaper. If you are eligible for VET FEE-HELP, you have a borrowing limit of up to 97,728 Australian dollars, which would be more than enough to cover your expenses.

Most students would be able to use this much money to fund their entire vocational education, even expenses such as accommodation, food and transport. However, it should be noted that the limit is not reset if you repay it. You can withdraw a grand total of 97,728 over the course of your life, regardless of how much you have paid back.

The best thing about these loans is that they are paid off directly through your taxes. You will be paying off 4 to 8 percent of your debt off each year depending on what your salary is, with no deductions being made if your salary is less than 54,000 Australian dollars.

As for interest, the FEE-HELP loans do not come with interest per se. Rather, you will have to pay a twenty percent fixed fee while you are paying back the loan. This fee is non variable, which means that it will not increase even if you are unable to pay it off for a few years.

However, if you meet the conditions for subsidization from your provincial government you will be exempted from this fee. This means that if you are disabled in any way or do not have legal guardians that can provide you any form of financial support you will not have to pay the fee while paying back the loan.

Overall, the VET FEE-HELP scheme is an excellent initiative from the Australian government. Australia is slowly becoming the center of tertiary education in the world, and with schemes like this it is slowly becoming an excellent educational hub not just for international students but for its own citizens as well.

With the VET variant of FEE-HELP, now students studying vocational courses can also enjoy the financial freedom that comes with availing the FEE-HELP loans. 

Contact Tri Training online college for more information on VET FEE-HELP online diploma courses and speak to a specialist course adviser who can help you complete the course that will see you reach your career goals!