VET News

VET Student Loans

Federal Assistant Minister for Vocational Education and Skills, the Hon. Karen Andrews has invited quality training providers to apply to become eligible to offer VET Student Loans.  

The second formal application round is deemed an important integrity measure to ensure only high-quality training providers can offer taxpayer funded VET Student Loans.  

“The stronger framework the Turnbull Government has built around the new VET Student Loans program provides greater protection and value for money to students and taxpayers, while ensuring our focus on quality remains at the forefront of Australia’s VET system,” Minister Andrews said.

“We’re already seeing some positive early results with the unit completion rate for VET Student Loan‑assisted students increasing almost 10 per cent to 75.2 per cent in the first six months of 2017.

Minister Andrews said the VET Student Loans program includes loan caps on courses, stronger course eligibility criteria aligned with industry needs, mandatory student engagement measures and a stronger focus on students successfully completing courses.

“These measures, including tougher entry requirements for providers, are restoring integrity to Australia’s vocational education sector and place a renewed focus on delivering better skills and training outcomes for students,” Minister Andrews said.

A $5,110 application fee applies to assist with the recovery of the costs associated with processing and assessing applications. Applications will close on 26 September 2017.

An information session for training providers will be held in Canberra on 5 September 2017 at the Australian Government Department of Education and Training.

The information session will clarify the application process, assessment criteria and suitability requirements needed to apply to become a VET Student Loan provider.

For more information, you can view the:

• Original media announcement, and
• Information on how to apply to become a VET Student Loans provider.

Date posted Aug 31, 2017