VET FEE-HELP: what does it mean?

Posted 1 July 2016, by

Am I eligible?

You must:

  • Be enrolled in an eligible unit of study, offered by an approved VET FEE-HELP provider, by the census date; AND
  • Be an Australian citizen or a permanent humanitarian visa holder, residing in Australia for the duration of your unit; AND

Meet the following course requirements:

  • Be a full fee paying/fee for service student studying a diploma, advanced diploma, graduate certificate or graduate diploma course; OR
  • Be a student subsidised by a state or territory government (excluding ACT), studying a diploma or advanced diploma course; OR
  • Be a student subsidised by the Victorian, South Australian, Queensland, Western Australian or New South Wales Government, studying a certificate IV course specified and nominated by the state as part of the Certificate IV Trial.

When do I starting paying back my loan?

You’ll start repaying your HELP debt once your taxable income reaches the compulsory repayment threshold. This threshold is adjusted every year.

The threshold for 2016-17 is $54,869.

How much can I borrow?

In 2016 you can borrow up to $99,389 under the FEE-HELP scheme. For students studying medicine, dentistry and veterinary science courses, the FEE-HELP limit is $124,238.

Is there anything else I need to know?

A 20% loan fee applies for VET FEE‑HELP loans accessed by full fee paying/fee for service students. The loan fee does not count towards your FEE‑HELP limit.

Your HELP debt is indexed each year on 1 June to reflect changes in the Consumer Price Index (CPI).

The indexation rate for 2016 is 1.5%.

Disclaimer: This information is correct at the time of publishing, but is subject to change under the current government’s higher education reforms. The figures provided are applicable for the 2016-17 financial year only. For more information, visit StudyAssist [www.studyassist.com.au].
2016-2017 repayment rates
2016-2017 Repayment rates Repayment % rate
Below $54,869 NIL
$54,869 – $61,119 4.0%
$61,120- $67,368 4.5%
$67,369 – $70,909 5.0%
$70,910 – $76,222 5.5%
$76,223 – $82,550 6.0%
$82,551 – $86,894 6.5%
$86,895 – $95,626 7.0%
$95,627 – $101,899 7.5%
$101,900 and above 8.0%

To get started with your VET FEE-HELP application, or for more information, you can head to the StudyAssist website.

Browse through our range of online courses that are covered by the HELP loan schemes.

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