VET FEE-HELP

The VET FEE-HELP Government Student Loan scheme ceased on 31 December 2016 and no longer available.

The information on this page only applies to students who elected to pay for part or all of their course via a VET FEE-HELP Government Student Loan scheme in 2016 and have not yet completed their course.

 

VET FEE-HELP is a payment option whereby eligible students pay for their tuition fees via a government loan. This payment option is only available to students who are studying a Diploma through Builders Academy Australia  (RTO Code: 21583).

The VET FEE-HELP loan is part of the federal government’s Study Assist Higher Education Loan Programme (HELP) scheme. Other HELP schemes include:

– HECS
– FEE-HELP
– SA-HELP
– OS-HELP

VET FEE-HELP FAQs

Which BAA courses are eligible for this payment method?

CPC50220 Diploma of Building and Construction (Building)

Who is eligible to use this payment option?

This payment option is no longer available.

What is the FEE-HELP lifetime limit?

The FEE-HELP lifetime limit is the maximum amount you can borrow under the HELP scheme. This includes amounts you may have borrowed previously under VET FEE-HELP, HECS, SA-HELP, FEE-HELP or OS-HELP. For 2016, it is $99,389.

Is there a loan fee?

Yes, for some students. 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.
You will not incur the loan fee if you are a student who is subsidised by a state or territory government.

How much will I owe and how do I repay the loan?

Students are required to pay back the loan through the taxation system once their annual income reaches the repayment threshold. For the 2015-2016 financial year, the compulsory repayment threshold is $54,126 per annum and the compulsory repayment threshold for the 2016-2017 income year is $54,869. However, you can elect to repay the loan earlier and you can also elect to make voluntary payments at any time.

The repayment threshold may increase or decrease from year to year. The rate at which you will repay your loan is a portion of your annual income (i.e. the more you earn, the more your repayments will be). Please refer to the following link at the Study Assist webpage: Loan repayment.

Does taking out a VET FEE-HELP loan affect my ability to borrowing capacity?

VET FEE-HELP may affect your borrowing capacity as:

1. The loan is a personal debt until it is repaid; and
2. Repayment of the loan will generally reduce your annual income until the debt is fully repaid.

You may wish to seek independent financial advice prior to applying for a VET FEE-HELP loan.

What happens to my loan if I change my mind or wish withdraw?

BAA has divided your course into three sequential study periods known as Units of Study. Each Unit of Study has its own tuition fee, start and end date and another date known as the ‘census date’. If you elected to pay via VET FEE-HELP or decide to pay via another payment method, you can let us know if you wish to withdraw by the census date and you will not incur a loan.

If you withdraw prior to a census date, you will not incur a debt for that and any subsequent Units of Study.

Do I incur the loan all at once?

No – you are only liable for that portion of the total loan amount that corresponds to the respective Unit of Study. You become liable for that portion when the respective census date passes. Each course has a minimum of three census dates.

Do I have to pay for my course via VET FEE-HELP?

No – VET FEE-HELP is just one payment method. You can also choose to pay via our other methods. Call us to find out more detail.

You can also choose to pay for your course partially via VET FEE-HELP.

Where can I find more information about VET FEE-HELP loans?