VET Student Loans and Payment Options

An Australian Government loan scheme for the Vocational Education and Training (VET) sector that is governed by the VET Student Loans Act 2016. VET Student Loans can assist eligible students undertaking certain VET Courses (diploma, advanced diploma, graduate certificate and graduate diploma courses) through a government approved training provider.

Note: A VET Student Loan gives rise to a VETSL debt that continues to be a debt due to the Commonwealth until it is repaid. 

Please refer to VSL Information Booklet or visit Department of Education, Skills and Employment VET Student Loans for more information.

To be eligible to apply for a VET Student Loan, you must meet the eligibility criteria as outlined below:

  • Are an Australian citizen, a New Zealand Special Category Visa (SCV) holder who meets the long-term residency requirements, or are a permanent humanitarian visa holder. (Proof of Australian Citizenship is required i.e Australian Birth Certificate or Australian Passport).
  • Have not exceeded the FEE-HELP limit.
  • Can provide your Australian Year 12 Certificate; or International Baccalaureate Diploma Programme (IB) Diploma, OR evidence of successful completion of an AQF Certificate IV on higher (where the language of instruction was in English) OR can display competence of Exit Level 3 in the Australian Core Skills Framework in both reading and numeracy through an approved test. (Bedford College can provide an ACSF test to you if required, the results of assessing a student’s competence in reading and numeracy under the procedure must be reported to the student as soon as practicable after the assessment and be reported to the Secretary in the form, manner and by the time requested by the Secretary). See the Enrolment page for more details of Approved ACSF test.
  • Meet the Tax File Number (TFN) requirements. See the Enrolment page for more TFN Information.
  • Have a Unique Student Identifier (USI). See the Enrolment page for more USI information.
  • Have read the VET Student Loans information booklet produced by the Australian Government.

Note: Documentary evidence of the above is required

What you need to know:

  • $10,000-$16,000 is what you can borrow on a VET Student Loan (VSL), depending on the ‘loan cap’. The loan cap amount is different depending on the course you study.
  • Using the VSL system, you are automatically charged a 20% loan fee. $10,000 becomes $12,000.
  • VSL is interest-free. However, the loan is indexed annually in line with the consumer price index (CPI).
  • You start paying back the loan through the Australian Taxation Office as soon as your income is above the minimum repayment income threshold ($48,361.00) for 2022-23.

Payment Plans

Interest-Free Payment Plans

We are able to offer students/fee payers a simple payment plan to suit your needs. Weekly, Fortnightly, Monthly or Term payments can be made by Direct Debit into our bank either through either your bank account or your credit card.

These payment plans do not incur any additional fees or interest to the student/fee payer (with the exception of interest charged by your bank on your credit card transactions).

Commonwealth Benefits are available

Government benefits are available for study at Bedford College subject to applicant eligibility.

Click here for more information – Austudy

Click here for more information – Abstudy

Youth Allowance
Click here for more information – Youth Allowance

Statement of Tuition Assurance
Bedford College has the following Tuition Assurance arrangements in place:
Statement of Tuition Assurance – VET Student Loans

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