VET Student Loans (VSL) commenced on 1 January 2017, replacing VET FEE-HELP, which ceased on 31 December 2016. VSL is only available for Diploma level courses.
The Australian Government is committed to increasing productivity, addressing skills shortages and assisting with the cost of studying. One of the measures that achieve these goals is the availability of VET Student Loans.
VET Student Loans assists eligible students undertaking certain VET courses of study with an approved VET provider, to pay for all or part of their tuition costs. A VET provider is a registered training organisation who has been approved by the Australian Government to offer VET Student Loans assistance to their students.
VET Student Loans is a loan from the Commonwealth; and will remain a personal debt until it is repaid to the Commonwealth. Until it is repaid, it may affect your take-home (after-tax) wage or salary and may reduce your borrowing capacity. You may wish to seek independant financial advice before applying for a loan.
For more information, please click here.
To access VET Student Loan you must be an eligible student – many different criteria apply. To find out if you are eligible, see the VET Student Loan website for full details of eligibility requirements here.
Alternatively, you may call us and we can ask the necessary questions to give you a preliminary evaluation.
If you are eligible for VET Student Loans assistance and would like to apply, you should contact Melbourne College of Hair and Beauty (MCOHB) who will assist you in applying by confirming your eligibility and providing you with the VET Student Loan information booklets, course fees, semester dates and Census Days. MCOHB will explain how to apply for an Electronic Commonwealth Assistance Form (eCAF).
Once you have read the VET Student Loans Information Booklet, complete the Request for a VET Student Loan eCAF by the Census Day. You should contact us if you are unsure how to complete any of the above.
If you do not complete the eCAF, or other permitted form, by the required date for your course, you will have to wait until the next semester to request a VET Student Loan for future study. Retrospective access to VET Student Loans is not allowed under any circumstances.
What is a Census Day?
A date by which you may cancel your enrolment without incurring tuition fees for the course or a part of the course is a census day.
What is a Commonwealth Assistance Notice (CAN)?
After the census date, your provider will send you a CAN. The CAN includes important information about your enrolment, any VETSL debt you have incurred or student contribution amounts you have paid, and any loan fee you may have incurred.
What is a Fee Notice?
A Fee Notice is given to you a minimum of 14 days before your upcoming Census Day. It tells you the:
What is an Electronic Confirmation of Enrolment Form (eCAF)?
An eCAF is when you confirm you wish to use VSL for your course through the electronic Commonwealth Assistance Form (eCAF) system.
There is a cap for the courses set by the Government – this is the most you can borrow for courses offered at MCOHB. For more information on the current course caps, please contact us. A 20% loan fees applies to VET Student Loans for full fee paying, or fee for service students. The loan fee does not count towards your FEE-HELP limit. The FEE-HELP limit changes each year. For current limits, click here.
Current fees, start dates, and census days can be found below:
Your VET Student Loans debt forms part of your accumulated HELP debt – now called a VETSL Debt. From 1 July 2019 VSL debts will be accounted separately for the Australian Tax Office (ATO) records. When you log in to the ATO online via your myGov account, VSL loans from 1 July 2019 will display under a separate VSL account. VSL loans will still consume a your FEE-HELP balance (which will become a renewable HELP balance from 1 January 2020). You must start repaying your VETSL debt through the tax system once your income is above the compulsory repayment threshold, even if you are still studying.
The threshold is adjusted each year so for current repayment amounts, please click here. Repayments made through the Australian taxation system are called compulsory repayments and continue until you have repaid your whole debt. Visit Study Assist for more information.
You must withdraw correctly by the Census Day to avoid a VET Student Loans debt.
In accordance with VET guidelines, students will not be charged any fine, penalty or fee for withdrawal. There are no administrative or financial barriers imposed on students who wish to withdraw prior to the Census Day. Students will not remain enrolled from the date of notification of withdrawal or cancellation and if a student wishes to enrol in subsequent VET units of study they must re-enrol in accordance with MCOHB’s enrolment procedures.
To withdraw correctly, you must complete an official withdrawal form. You can submit it to MCOHB in person, by scanned email image, or post to Level 1, 244 Flinders Street, Melbourne, VIC 3000.
For information regarding re-crediting, or refunding your VET Student Loan balance, please see the VET Student Loans Information Booklet.