New students often get confused about funding and loan options available to help them study their course. This information has been compiled to assist you making the right decision about how to fund your course.
Our college does not offer VET Fee Loans, but we do offer affordable payment plans that are a real alternative to often much more expensive VET Fee Loan courses.
What are VET Student Loans?
VET Student Loans is an Australian Government loan scheme that assists eligible students to pay their tuition fees for higher-level VET courses (at the Diploma-level and above).
It allows you to start studying your course usually with no upfront payment. As you study, you will be building up a debt that you must pay back in the future.
What are pros and cons of VET Student Loans?
The pros of VET Student Loan are that you get to start studying your course usually with no upfront payment. Instead, the amount you owe will accumulate as a debt that you get to pay back in the future.
The cons are that courses that allow you to get VET Student Loan are generally much more expensive than a regular course you pay for as you study. If you shop around different schools you can normally find the identical course far cheaper without VET Student Loan.
So whilst you do not need to pay to start the course VET Student Loan, in the long run, your course can cost you significantly more money than a regular course you pay for as you study.
Payment plans – this gives you the option to start your course and pay for it in small micro amounts each week or month. Our college offers students $29 per week payment plans – ask us for more information.
Student loans from a bank – many Australian banks offer student loans to help pay for courses and other expenses. So if you find a much lower cost course that is non -FEE HELP it may pay to get your loan with a bank and not a much higher VET FEE loan. It can be much cheaper in the long run.
How do I assess if I should take a loan or pay for my course as I study?
- Make sure you compare the cost of a course between a VET Student Loan school and normal fee course.
- Can you afford to pay the higher VET Student Loan course price in the long run?
- Can you get a payment plan option as a better alternative to help with your course fee payments?
- Would a student bank loan be better option for your situation?