VET FEE-HELP METAMORPHOSING TO VET STUDENT LOANS

 

On 5th October 2016 the Commonwealth Education Minister, Simon Birmingham, announced the death of VET FEE-HELP as we know it. While VET FEE-HELP is being phased out during 2017 it will be replaced by a new program known as "VET Student Loans".

VET Student Loans will have a number of features that are new to this scheme:

only selected courses that have a high national priority, meet industry needs, contribute to addressing skills shortages and lead to employment outcomes will be eligible for loan support;

there will be one of three loans caps ($5,000; $10,000; $15,000) allocated to each eligible course;

third party delivery will be restricted;

the use of brokers or marketing agents will be prohibited;

students will be required to demonstrate that they are progressing through their course; and

approvals will be time limited.

 

It is expected that applications to become a provider in the new program will commence in late-2016 to early-2017. New approval arrangements will assess an applicant's relationships with industry, assess student completion rates and employment outcomes, evaluate any articulation with higher education providers and appraise a provider’s track record of delivering education and training.

The application process will see providers assessed against a range of criteria including:

financial performance;

strong management and governance;

links with industry;

student outcomes;

a three year track record; and

course scope and fees.

 

Consult Ed stands ready to support eligible RTOs prepare their applications to become an approved provider under the new scheme. We can assist you by:

providing an Evidence Gathering Tool outlining the documentation required to lodge an application;

advising the RTO regarding the requirements of the application process;

reviewing documentation provided by the RTO;

developing new policies in line with specific requirements;

assisting in uploading the electronic application based on information provided by the RTO;

assisting with any requests for further information arising from the application.

 

We have assisted over 100 RTOs to gain approval as a VET FEE-HELP Provider under the previous arrangements, so if you would like some assistance with the new application process, perhaps we can help you.

 

For a no obligation discussion please contact us.

 

Useful Links

Information about VET Student Loans

ACPET Tuition Assurance Scheme (ASTAS)