VET STUDENT LOANS
From 1 January 2017, VET Student Loans replaces VET FEE HELP Loans. FashionMasters is an approved provider for VET Student Loans.
What is the VET Student Loans program?
The VET Student Loans is an Australian Government loan scheme that helps students to cover fees for vocational education and training (VET) courses.
VET Student Loans is a payment option available for eligible students to pay their tuition fees for the following Programs at FashionMasters:
- MST50119 Diploma of Applied Fashion Design and Merchandising
- MST60119 Advanced Diploma of Applied Fashion Design and Merchandising
The government will pay the loan amount directly to FashionMasters 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).
You repay the Australian Government Loan when your income is higher than the minimum repayment threshold.
This payment option is only available for the above programs.
How does the loan work?
The loan amount for FashiomMasters programs is capped by the Federal Government at $15, 790. You will be required to pay the difference between the cost of the course and the loan amount directly to FashionMasters. This is known as the gap amount.
(Please refer to our Skills First funding information to see if you are eligible for Government assistance for the gap amount)
A loan fee equal to 20% of the amount that you borrow may apply. This will be confirmed with you prior to the commencement of your studies. FashionMasters 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.
FashionMasters has divided your course into equal periods known as the ‘Fee Periods’ and each Fee Period has a set fee. FashionMasters’ Fee Periods are equal to Units of Study.
Each Unit of Study has a date known as the ‘census day’. This is the day after which you will incur the debt for that Unit of Study. If you change your mind, you can withdraw on or before a census day and you will not incur any payment liability for that Unit of Study or any subsequent Units of Study.
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 and course cost.
FashionMasters will confirm your census days in writing and the amount you will be required to pay for each Unit of Study.
You will also be issued with an invoice notice prior to each census day. In addition, within 28 days after the census day, you will be issued a Commonwealth Assistance Notice (CAN) to confirm the loan amount that you have incurred.
For details on the census dates and fees please see our Schedule of fees
Am I eligible to take out the loan?
To be eligible to pay for your Program via VET Student Loan, you must meet the eligibility criteria set out in the VET Student Loans information booklet. The following is a summary of the requirements and you should read the booklet for full details. You must:
- 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 an electronic loan application form (eCAF) prior to your first census day, and
- Be assessed as being 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 VSL approved LLN Robot Online Language, Literacy and Numeracy (LLN) evaluation and attain a minimum score of exit level three across all categories
And FashionMasters believes that the program is suitable and appropriate for your future needs.
- VET Student Loans information booklet
- Course Fees Schedule
- Complains, Appeals & Disputes
- VSL re-crediting a FEE-HELP balance policy and review of decision procedure
- VSL Statement of tuition assurance
- Deferral, Suspension, Cancellation Policy
- Refund policy
- Information for Intending Students
- Parental Consent Form
Please contact one of our consultants should you need any further information and they will be more than happy to assist.