Yes, You Can Study at The Institute Now and Pay Later!
The Wealth Within Institute is proud to be an approved VET FEE-HELP provider. The benefit in using VET FEE-HELP is that you can study a VET FEE-HELP approved course, pay a minimal upfront fee and then pay back the remaining tuition over time.
To obtain VET FEE-HELP assistance, you must:
- Be an Australian citizen, or
- A permanent humanitarian visa holder who will be resident in Australia for the duration of the VET unit of study for which you are seeking VET FEE-HELP, and
- Be enrolled in an eligible VET Course of Study on or before the census date for the first VET Unit of Study, and remain enrolled in the unit at the end of the census date; and
- Meet the tax file number (TFN) requirements, and
- Have completed Year 12 and be able to produce your Year 12 certificate, or complete and achieve competency in a reading and numeracy skills test, and
- Have completed and submitted a Request for VET FEE-HELP assistance form for the VET Course of study on or before the first VET Unit of Study census date, and
- Have a FEE-HELP balance greater than zero.
Here are just some of the great benefits of VET FEE-HELP:
- VET FEE-HELP allows eligible students to study now and pay the tuition fee back over time
- There is no age restriction on VET FEE-HELP. Whether you're 19 or 79, as long as you meet the requirements listed above you qualify for VET FEE-HELP
- Previous qualifications do not affect your eligibility for VET FEE-HELP
- VET FEE-HELP is not income dependant
- Students can access VET FEE-HELP to pay for all or part of their tuition fees
What is VET FEE-HELP?
VET FEE-HELP is a loan scheme for the Vocational Education and Training (VET) sector that is part of the Higher Education Loan Program (HELP). VET FEE-HELP assists eligible students undertaking certain VET courses of study to borrow funds up to their FEE-HELP limit to help pay for all or part of their tuition fees. Students approved for VET FEE-HELP assistance will have a loan with the Australian Government, who will, on the student's behalf, pay their tuition fees to their approved VET Provider.
What Does VET FEE-HELP Cover?
VET FEE-HELP provides a loan for tuition fees only. The Institute will set the tuition fee for each VET unit of study and the date by which payment is required. If you decide not to pay your tuition fees upfront and you are eligible for VET FEE-HELP assistance, you may:
- Pay some of your tuition fee upfront and request a VET FEE-HELP loan for the remainder of your tuition fee; or
- Request a VET FEE-HELP loan for the full tuition fee.
For more information regarding VET FEE-HELP download the Student Information Booklet.
How Do I Apply and How Much Can I Borrow?
VET FEE-HELP loans can be accessed through the Wealth Within Institute. The Institute will advise you if you are eligible for VET FEE-HELP assistance and will provide you with the relevant documentation to enrol in your chosen course
If you are eligible for VET FEE-HELP, you can borrow up to your lifetime FEE-HELP limit to help pay for all or part of your tuition fees. In 2016, the FEE-HELP loan limit is $99,389. This amount is indexed on 1 January each year. There is no interest charged on your FEE-HELP debt, however, a 20% loan fee applies to all VET FEE-HELP debts, except for those students who are enrolled as a subsidised student by the Victorian government.
How Do I Repay The Loan?
VET FEE-HELP debts become part of your accumulated HELP debt. The debt is indexed each year by movements in the Consumer Price Index (CPI) to maintain its real value. The debt is paid through the tax system once your income is above the minimum repayment threshold level for compulsory repayment. The compulsory repayment threshold for FY15-16 effective from 1 July 2015 is $54,126. You can make voluntary payments to reduce your HELP debt at any time. Voluntary payments may attract a bonus on repayment.
Schedule of VET Tuition Fees
Policies and Procedures
Fairness and Equal Opportunity Policy
Student Entry Procedure
Privacy and Personal Information Policy
Statement of VET Tuition Assurance
Complaints and Appeals Policy
VET Fee Payment Policy
Refund Policy and Student Review Procedures