From 1 January 2017, VET Student Loans replaces VET FEE HELP Loans. Builders Academy Australia is an approved provider for VET Student Loans.
Continuing students will still be able to access the VET FEE HELP Loan Scheme in 2017 until 31 December 2017 to complete their study in the qualification they commenced prior to 2017. In Exceptional circumstances students may be eligible to extend their VET FEE HELP assistance into 2018.
What is the VET Student Loans program?
The VET Student Loans program is an Australian Government loan program.
VET Student Loans is a payment option available for eligible students to pay their tuition fees for the CPC50210 Diploma of Building and Construction (Building). You repay the Australian Government Loan when your income is higher than the minimum repayment threshold.
The government will pay the loan amount directly to BAA and you will repay the government the loan amount (plus loan fee and any indexation).
Once you take out the loan, you will owe a debt to the Australian Government for the loan, which will be managed by the Australian Taxation Office (ATO).
This payment option is only available for CPC50210 Diploma of Building and Construction (Building).
How does the loan work?
The loan amount is capped by the Federal Government at $10,000. You will be required to pay the difference between the cost of the course and the loan amount directly to BAA. This is known as the gap amount.
There is a loan fee equal to 20% of the amount that you borrow. BAA does not receive the loan fee. Loans do not attract interest, but are indexed annually. It’s important that you understand your obligation when taking out a VET Student Loan. Further details are available on the Study Assist website and in the VET Student Loans information booklet 2017. You may wish to seek independent financial advice before applying for a loan.
BAA has divided your course into three equal calendar periods known as the ‘Fee Periods’ and each Fee Period has a set fee.
Each Fee Period has a ‘withdraw without penalty’ date known as the ‘census day’. If you change your mind, you can withdraw on or before a census day and you will not incur any payment liability for that Fee Period or any subsequent Fee Periods.
Any gap payment must be paid by you prior to each census day.
The Gap fee is the difference between the VET student loan amount ($10,000) and course cost.
BAA will confirm your census days in writing and the amount you will be required to pay for each Fee Period.
We will also issue an invoice notice to you prior to each census day. In addition, within 28 days after the census day, we will issue a Commonwealth Assistance Notice (CAN) to confirm the loan amount that you have incurred.
For details on the census days and fees see: Diploma of Building and Construction (Building) Census days and fees.
Am I eligible to take out the loan?
To be eligible to pay for your Diploma via VET Student Loan, you must meet the eligibility criteria set out in the VET Student Loans information booklet 2017. The following is a summary of the requirements and you should read the booklet for full details. You must:
- Be applying for the CPC50210 Diploma of Building and Construction (Building), and
- Be an Australian citizen, Australian permanent humanitarian visa holder, or New Zealand Special Visa holder who meets the long-term residency requirements, and
- Be a resident in Australia for the duration of your study, and
- Not have already exceeded your FEE-HELP Limit (if you have previously accessed government student loans), and
- Have a valid Unique Student Identifier (USI), and
- Hold or have applied for a Tax File Number (TFN), and
- Submitted a loan application form prior to your first census day, and
- Be assessed as being academically suitable to undertake this course. To meet this requirement, you must do one of the following:
- Provide a copy of your Senior Secondary Certificate of Education (Year 12 certificate) as awarded by an Australian State or Territory, or
- Provide a copy of a Certificate IV qualification or higher (providing that this qualification was delivered in English), or
- Complete the ACER online Language, Literacy and Numeracy (LLN) evaluation and attain a minimum score of exit level three across all categories.
And BAA believes that you have the competence to undertake the qualification based on our interactions with you and your prior experience.
Links and key documents