Got a VET FEE-HELP Debt?

VET FEE-HELP is a loan scheme that commenced on 1 January 2008 to assist full-fee paying students who undertake Vocational Education and Training (VET) accredited diploma, advanced diploma, graduate diploma and graduate certificate courses of study.

The scheme has been extended from 1 July 2009, to include government subsidised and full-fee paying students undertaking diploma and advanced diploma courses where their VET provider is an approved Registered Training Organisation.

How VET FEE-HELP works

VET FEE-HELP provides a loan up to your FEE-HELP limit to help pay for all or part of your tuition fees. In 2010, the FEE-HELP loan limit is $85,062, except for medicine, dentistry, and veterinary science courses where the limit is $106,328.The FEE-HELP loan limit is indexed each year. A loan fee of up to 20% applies to VET FEE-HELP loans.

Repaying your VET FEE-HELP debt

Your VET FEE-HELP debt becomes part of your accumulated HELP debt and is repaid through the tax system once your repayment income is above the minimum repayment threshold for compulsory repayment. For the 2009–10 income year, the minimum repayment threshold is $43,150.


Repayment rates for the 2009–2010 income year
Repayment income
2009–10
Repayment rate
(% of repayment income)
Below $43,151
Nil
$43,151–$48,066
4.0%
$48,067–$52,980
4.5%
$52,981–$55,764
5.0%
$55,765–$59,943
5.5%
$59,944–$64,919
6.0%
$64,920–$68,336
6.5%
$68,337–$75,203
7.0%
$75,204–$80,136
7.5%
$80,137 and above
8.0%

Copyright 2014. My Tax Zone.