Vet Fee Help is a loan scheme made available by the Australian government to pay the fees to assist eligible students to take up higher level vocational education and training (VET) studies and above qualifications. Vet Fee Help can be used to pay all or part of eligible tuition fee of students taking up higher level of vocational education and training. Vet Fee Help cannot be exploited or to be misused for additional study costs like accommodation or text books. Vet Fee Help is purely a loan scheme helping eligible VET students pay their tuition fees for certain higher-level VET qualifications. You have the choice of paying your entire tuition fee upfront to your approved provider; or you can pay in part tuition fee to your approved provider and use Vet Fee Help to pay balance fees.
Eligibility for Vet Fee Help
Vet Fee Help is made available for eligible VET fee paying students or fee for service students. These students are admitted into fee paying places at providers and charged tuition fees for their studies. You will not get Vet Fee Help assistance, unless you meet the mandatory prerequisites needed for entry requirements which are set out in your set out in your provider’s Entry Procedure Requirements applicable to the level of course in which you are enrolled. The Vet Fee Help limit is the maximum amount you can borrow under Vet Fee-Help over your lifetime. The Fee-Help limit is not limited nor reset or topped up by any repayments that you make. If you have reached the Fee-Help limit, naturally you will no longer be eligible for further Vet Fee Help loan. This year 2016 the Fee-Help limit is $99,389 for most students. In case, if you are pursuing medicine, dentistry or veterinary science courses that leads to provisional registration to practise in one of those fields, your Fee-Help limit is $124,238. This limit is indexed on 1 January each year. Fortunately, the Australian Government has proposed that the Fee Help limit is going to be removed. And this removal of Fee Help limit is subject to the passage of legislation.
There is also a Loan fee which is 20 per cent on the applied Vet Fee Help loans for fee paying for service students. The loan fee does not count towards your Fee-Help limit. The loan fee is 20 per cent of the tuition fees charged for your units–and it is calculated for each individual unit as you undertake your course. The loan fee is applied to each unit that is paid for with a Vet Fee Help Loan. For Example if your Vet Fee Help is $1000 then the loan fee 20 percent comes to $200 totalling to your Vet Fee Help Loan Debt to $1200. However, the Australian Government proposed that the existing 20 per cent Vet Fee Help loan fee will be removed. This change is subject to the passage of legislation. Avail this Vet Fee Help from the Australian Government and pursue your dream professional courses in Australia.
