Vet Student Loans
We have the approval to deliver CHC50113 Diploma of Early Childhood Education and Care, with access to Vet Student Loans (VSL).
A Vet Student Loan is a government loan for eligible students studying an approved course at Diploma level or above. Students can access a loan, which is paid directly to Melbourne College of Further Education (MCFE), to cover their course fees. Students repay the loan (plus a 20% loan fee for full fee paying students) to the Australian Government through the tax system. The VET Student Loan fee is not included in a person’s FEE-HELP balance but is included in a person’s VETSL debt as per the VET Student Loans Act 2016. Your repayments to the government commence when you earn over the threshold, the threshold changes each year:
The compulsory repayment threshold for the 2019-20 income year will be $45,881. For further information on thresholds, please read here.
Your VET Student Loan becomes part of your VETSL debt. Before you can apply for a VSL you must read the Australian Government Vet Student Loans -Information for students guide.
The following information is very important for students to read prior to confirming enrolment and applying for a VSL.
Schedule of tuition fees specific to CHC50113. If applying for a VSL to cover this fee, this is a debt you will need to repay to the Commonwealth government.
Course start dates, planned completion dates, fee periods and census dates: These are listed in your timetables, (Dates may change from time-to-time). Census dates for the CHC50113 Diploma of Early Childhood Education and Care are the point when you have completed 20% of the unit of study. If the census date falls on a weekend or public holiday, it will be moved to the next business day that our head office is open. The census dates will not be earlier than 20% of that fee period. Exact census dates for 2019 / 2020 for each training location can be found here.
Eligibility (Are you eligible checklist here) Three requirement you must:
1) Citizenship + 2) Fee-Balance + 3) Academic suitability
You will also need a Unique Student Identifier (USI) and Tax File Number (TFN)
Student Entry Procedure (full details within the MCFE VSL guide below)
- You enquire about course and VSL
- MCFE sends you an email with a Vet Student Loan information pack
- You need to collect your eligibility evidence (ID and copies of certificates)
- You will then attend a face-to-face information session, which includes information on:
- Fees, census dates, fee periods, Vet Student Loan information
- Course information, training plan and course timetable
- A pre-training review and enrolment form
- We will assess your eligibility documentation during this session
- If suitable for the course and eligible for Vet Student Loan we will process your enrolment and send you a welcome email and letter with your Vet Student Loan Statement of Covered fees & Vet Student Loan Fee Notice.
- You will be sent a link to eCAF, where you apply for your Vet Student Loan online.
- Once all enrolment processes are completed successfully you will commence your first class, this is usually 1-2 weeks after the information session.
- Throughout the course, to maintain your Vet Student Loan, you will need to confirm with the government that you are progressing successfully, you also need to show us suitable progression, with attending classes and submitting assessments regularly.
- You will receive a VSL Fee notice before every census date and a Commonwealth assistance notice (CAN) after each census date.
- If you wish to cancel or withdraw from the course, you will need to be aware of the withdrawal procedures (within the MCFE VSL guide) and use this VSL withdrawal form
Documents you must read:
Includes general VSL information, eligibility, the process of applying for a loan, census dates, withdrawing or canceling a course, refunds, personal information procedures, complaints & appeals, fair treatment and equal opportunity procedures, engagement of agents, repaying your loan/debt.
MCFE staff should read read the VSL rules and our staff, trainers & brokers VSL guide.
Learning Literacy & Numeracy Test (LLN)
If you do not have the required evidence for academic suitability (Year 12 Certificate or a Certificate IV) you will need to complete the approved online LLN test. We have purchased the LLN Robot from the Learning Resource Group. The assessment takes an average of 40 minutes -1.5 hour to complete. You must get at least 13/15 to be considered at exit level 3 for both the Numeracy and reading sections, which is the requirement for Vet Student Loans. Student instructions for the LLN Robot are here, we will need to send you an email invite to access the correct test.
Vet Student Loans – Brokers
In accordance with section 49 of the VET Student Loans Act 2016, MCFE specifically refrains from entering into any arrangement, whether written or not, that provides for another person to do any of the following in relation to an approved course:
(a) enrol students, or accept applications for enrolment, in the course;
(b) provide information or advice in relation to VET Student Loans (however described) for the course;
(c) assist students to complete or submit applications for a VET Student Loan for the course;
(d) assist, or provide support for, students who could be eligible for a VET Student Loan for the course to complete any assessments required to show that students are academically suited to undertake the course.
In accordance with sections 62 and 63 of the VET Student Loans Act 2016, in cold calling a person or in using a third party contact list to contact a person, MCFE specifically refrains from referring to the possible availability of a VET Student Loan, however described, for students undertaking a course.