VSL is a Commonwealth Government student loans program that replaces the VET FEE-HELP scheme to give eligible students access to quality diploma and higher level VET qualifications.
The loan will remain a personal debt until it is repaid to the Commonwealth. The loan may, until the debt is repaid, reduce a student’s take-home (after-tax) wage or salary and may reduce the borrowing capacity.
The amount of HELP debt a student would accrue if the student received the maximum amount of VET student loans for the course could be up to 120 per cent of the loan.
A student may wish to seek independent financial advice before applying for a loan.
Eligibility requirements include:
students must have Year 12 or Certificate IV and above qualification certificate or achieve a ACSF Exit level 3 in ACU College VSL Test; and
FEE-HELP balance must be greater than zero; and
be an Australian citizen; or
hold a permanent humanitarian visa and usually reside in Australia; or
be a qualifying1 New Zealand citizen (1for details please refer to the website).
Check the eligibility and bring proof of the eligibility on the day of enrolment.
Have a TFN ready. If you don’t have a TFN, you can obtain a certificate of application for a TFN. This certificate is available from the ATO after you have applied for a TFN. If you get a certificate of application for a TFN, you are required to upload it to your eCAF before you submit.
Enrol in the selected course and indicate you wish to access a VET Student Loans.
ACU College will then give the department your enrolment information with the nearest census date.
You will then receive an email from the department allowing you to sign into the eCAF system. Once you sign in, you will need to verify the pre-populated information and complete the mandatory fields. You can then submit the eCAF, which will cause the system to email you a copy of your completed form.
If you do not complete the eCAF, or other permitted form, by the required date for your course, you will have to wait until the next study period.
Repaying the loan is required when your income reaches the repayment threshold. The threshold can be found at www.studyassist.gov.au
From 1 July 2017, to demonstrate engagement and to continue to receive the loan, you must complete the ‘VET Student Loans— Confirming enrolment and continued course engagement and participation form’ (the Progression Form) in the eCAF system at least twice each calendar year—around February, June and October—for the duration of your course. The form asks if you intend to continue studying and accessing a VET student loan, and contains a short survey.
The census day is the last day you can:
complete the eCAF to access a VET Student Loan; or
withdraw your enrolment without incurring the cost or debt for that course.
Your tuition fee will be spread across three fee periods and each fee period will contain at least one census day.
If you withdraw before the census day for a course or part of a course, you will not incur a VET Student Loans debt for the course or part of the course and will receive a refund for any tuition fees already paid for the course or part of the course. Please refer to Policy 10: Academic Integrity and Progress Policy and Procedure for withdrawal processes.
Statement of Tuition Assurance
Under the VET Student Loans Rules 2016, the transitional approval of the current tuition assurance operators, the Australian Council for Private Education and Training and TAFE Directors Australia, expires on 31 December 2017.
The Government will implement interim tuition assurance arrangements for the 2018 calendar year.
It is important for an enrolled student to notify ACU College of any change of contact details. For further information about VET Student Loans please visit www.studyassist.gov.au