VET FEE-HELP
What is VET FEE-HELP?
VET FEE-HELP is an interest free Commonwealth loan that assists eligible full fee paying students to pay their tuition fees. VET FEE-HELP can be used to pay for all or part of an eligible student’s tuition fees when studying in an approved VET course of study at the level of:
- Diploma
- Advanced Diploma
- Vocational Graduate Certificate
- Vocational Graduate Diploma
The Australian Government pays the amount of the loan direct to SBIT, and students repay their loan through the Australian taxation system once they hit a repayment threshold.
A loan fee of 20% applies to VET FEE-HELP debts. There is no application fee for VET FEE-HELP and no interest charged on the VET FEE-HELP debt. The accumulated debt is however indexed according to the Consumer Price Index (CPI). Indexation of your VET FEE-HELP debt, in line with the Consumer Price Index (CPI), occurs when your debt has existed for 11 months or more.
What is an approved VET course of study?
A VET course of study is more commonly known as your Program. To be an eligible VET course of study a program must:
- Be at the level of Diploma, Advanced Diploma, Vocational Graduate Certificate or Vocational Graduate Diplomas
- Be costed as full fee paying – that is – the cost of the program is not subsidised by the Queensland State Government
- Have a credit transfer agreement in place with a Higher Education Provider (university). The credit received by students applying for entry to a Bachelor Degree must meet levels specified by the Australian Government.
Southbank Institute of Technology is able to offer a diverse and wide ranging selection of programs under this payment scheme.
» View VET FEE-HELP Courses
What does VET FEE-HELP cover?
VET FEE-HELP provides a loan for tuition fees only. This means it does not cover text books, materials, equipment, travel, accommodation or general living expenses, or any additional costs identified as incidental fees.
Current schedule of fees
» View Southbank Institute's VET FEE-HELP Fee Schedule Semester 1, 2013 (PDF 194k)
Previous schedule of fees
» View Southbank Institute's VET FEE-HELP Fee Schedule Semester 2, 2012 (PDF 237k)
» View Southbank Institute's VET FEE-HELP Fee Schedule Semester 1, 2012 (PDF 338k)
» View Southbank Institute's VET FEE-HELP Business & Community Education Summer School Fee Schedule, 2012 (PDF 30k)
» View Southbank Institute's VET FEE-HELP Fee Schedule Semester 2, 2011 (PDF 232k)
» View Southbank Institute's VET FEE-HELP Fee Schedule Semester 1, 2011 (PDF 227k)
» View Southbank Institute's VET FEE-HELP Fee Schedule Semester 2, 2010 (PDF 214k)
» View Southbank Institute's VET FEE HELP Fee Schedule Semester 3, 2010 Business Faculty (PDF 65k)
FEE-HELP limit
The FEE-HELP limit is the maximum amount a person can borrow over their lifetime. A FEE-HELP balance is impacted by loans accessed through both FEE-HELP (Higher Education) and VET FEE-HELP. This limit excludes any loan fee (20%). The FEE-HELP limit for 2011-2012 is $89, 706 for all courses except for medicine, veterinary science, and dentistry, for which the FEE-HELP limit is $112,134.
As a student uses VET FEE-HELP to pay their tuition fees, the amount they are able to borrow in the future is reduced. Once a student has borrowed their entire FEE-HELP limit (their FEE-HELP balance is zero), they may not access VET FEE-HELP assistance for future study even if they have commenced repaying their loan.
A FEE-HELP balance is impacted by loans accessed through both FEE-HELP (Higher Education) and VET FEE-HELP.
When will my VET FEE-HELP loan have to be repaid?
The Australian Tax Office (ATO) will take compulsory repayments through the taxation system when your income reaches the minimum threshold for compulsory repayment ($47,196 2011-2012).
Repayments do not reset the maximum that can be borrowed, and once the FEE-HELP limit is reached, alternative payment methods must be used.
Is there any incentive to voluntarily pay off my FEE-HELP loan?
Yes. A 5% bonus will be granted for any voluntary payments over $500 that is made direct to the ATO.
Last updated 2 October, 2012