VET Student Loans

What is a VET Student Loan?

VET Student Loans is an initiative of the Australian Government. The VET Student Loans program commenced on 1 January 2017 and replaced the VET FEE-HELP scheme. The VET Student Loans program is an income contingent loan offered by the Australian Government that helps eligible students pay for some vocational education and training (VET) diploma level or above courses.

Masters in Building Training Pty Ltd (MIBT) is an approved course provider for CPC60220 Advanced Diploma of Building and Construction (Management) and CPC50220 Diploma of Building and Construction (Building).

VET Student Loan Cap Amounts MIBT approved courses

Eligibility for a VET Student Loan

Citizenship and residency requirements (must be one of three categories)

(1) The student must be:

• an Australian citizen; or
• the holder of a permanent humanitarian visa who is usually resident in Australia; or
• a qualifying New Zealand citizen.

(2) A qualifying New Zealand citizen is a New Zealand citizen who:

• holds a special category visa; and
• has been usually resident in Australia for at least 10 years; and
• was a dependent child when he or she was first usually resident in Australia; and
• has been in Australia for periods totalling 8 years during the previous 10 years; and
• has been in Australia for periods totalling 18 months during the previous 2 years.

(3) A permanent humanitarian visa holder, who is usually resident in Australia.

• HELP limit is not exceeded
• Studying the approved course primarily at a campus in Australia.
• Academically suited to undertake the approved course on the basis of either:
• providing your Australian Year 12 Certificate; OR
• providing evidence of successful completion of an Australian Qualifications Framework Certificate IV or higher qualification (where the language of instruction is English); OR
• displaying competence at Exit Level 3 in the Australian Core Skills Framework in both reading and numeracy through an approved Language, Literacy and Numeracy test.
• Meet the Tax File Number (TFN) requirements (if your information is not assessed as correct by the ATO, your application will not be finalised and you will be ineligible for a VET student loan).
• Have a Unique Student Identifier (USI) or are otherwise exempt.
• Have read the VET Student Loans information booklet.

Students must meet eligibility requirements when enrolling to undertake an approved VET student loans course. Where students do meet the eligibility requirements, they are advised that they will incur a debt in the form of a loan that will continue to be a debt until it is repaid in full to the Commonwealth. Debts will be repaid via to the Australian Taxation Office once the student’s income reaches the compulsory repayment threshold which for the:

• 2021-22 income year is $47,014.
• 2022-23 income year will be $48,361

Further VET Student Loans information, including commencement and census dates are available

HERE