VET Student Loans Information
Repaying the loan is required when a student's income reaches the repayment threshold. If you use a VET Student Loan, you will not have to make any repayments in the 2020–21 income year unless your income is $46,620 or above.
The maximum loan amount you can borrow from the Australian Government to cover tuition fees is:
For 2020, the new combined HELP loan limit will be $106,319 for most students.
The HELP limit: The maximum amount of VET Student Loans, VET FEE-HELP and FEE-HELP, a student can use over their lifetime. For 2020, the FEE HELP limit is $106,319 for most students.
The HELP balance is the available amount of VET Student Loans, VET FEE-HELP and/or FEE‑HELP that a student have left to use before you reach the FEE-HELP limit. Each student is responsible for keeping track of their FEE-HELP balance and for advising Benchmark College if they do not have enough left to cover the tuition fees.
A 20 per cent loan fee applies to VET Student Loans for full fee paying / fee for service students. The loan fee does not count towards your FEE-HELP limit.
When a student's enrolment is subsidised by the State or Territory Government (e.g. Smart and Skilled, subsidised by the NSW Government) do not incur a loan fee.
For example, if you are undertaking a course that costs $5,000, the loan fee is $1000 (i.e. 20% of $5,000). So your VET Student Loans debt for that course will be the cost of the course ($5,000) + the loan fee ($1000) = $6,000.
Eligible students will be entitled for loans up to a capped amount.
Benchmark College may charge above this cap for a course, and if so, students will be expected to pay for the difference according to Benchmark College's payment arrangements.