Commonwealth Government’s VET Student Loans scheme allows eligible Learners to apply for a loan to pay for their fees up to capped amounts. The loan applies to eligible courses at the Diploma level or above. The Learner will then be required to pay the loan and a loan fee back to the government.
There are specific criteria learners must meet to be eligible for a loan through VET Student Loans.
Learners must have been assessed as academically suited to undertake the eligible course and their FEE-HELP balance must be greater than zero. Furthermore, a learner must be:
- an Australian citizen; or
- hold a permanent humanitarian visa and usually reside in Australia; or
- be a qualifying New Zealand citizen
- Have not exceeded the FEE-HELP limit
- Provides a Tax File Number
- Studying an approved VSL Course: Only certain Diplomas, Advanced Diplomas, Graduate Certificates and Graduate Diplomas are eligible for VET Student Loans
Units of Study
For each VSL Eligible Course on your scope, your RTO must determine how the Course will be broken down and delivered into components known as Units of Study (UoS) for which you will charge fees.
Eligible learners can choose to pay a UoS either upfront or by VSL Assistance. This can be in part and per UoS.
It is important to note that Units of Study are not Units of Competency (UoC) – they are a separate reporting structure for fee setting, collection and reporting purposes.
- The number of UoS for a course is at the discretion of your RTO
- It is commonly recommended that they are a 1-1 match with your Units of Competency
- The UoS cost can be the same for each UoS or can be different from one UoS to another
- You will not issue a Statement of Attainment for Units of Study – you will only issue this for Units of Competency
- You are still required to record the Unit of Competency outcomes and dates to meet your AVETMISS reporting
- You will not deem a Learner competent for a Unit of Study – however, you will be required to report Unit of Study progress
- It is only for Units of Study that a VSL Approved Provider can set and charge Learners tuition fees
For each Unit of Study you intend to deliver, your RTO must publish the cost and a Census Date in advance.
The Census Date for a Unit of Study is the closing date for a Learner to:
- Apply for VSL Assistance, or
- Change their mind if they have already applied for VSL Assistance, or
- Withdraw from a UoS without penalty
VET Student Loans Learners do not incur a liability for a Unit of Study until after the census date (see below) for that UoS. This applies to all Learners whether they pay their tuition fees up-front or seek VET Student Loans assistance.
The census date can be set no earlier than 20 per cent of the way through a VET unit of study. The period of time during which the unit of study is undertaken should include any normal study breaks, assessment or examination periods (except supplementary examinations as these are not normally undertaken by all the Learners in the Unit of Study).
Wisenet does not provide a Census Date calculator as this would normally be determined prior to setting up a Course Offer
The following table outlines in detail what a Learner is required to pay and what you will receive
Reporting and Data Collection Requirements
VSL is an additional layer of data collection and reporting. You are still required to meet other data collection and reporting requirements, such as AVETMISS, AQTF Competency Completion Reporting, Quality Indicator Surveys and other reporting requirements imposed on you by a Regulatory, Funding or other Government body.