New VET Loan Rules and How It Is Going To Affect You

A new set of VET loan rules have been introduced considering all the things, and this might make you surprised. On one hand, the new rules make sure that there are no loan gaps and students get to study what will benefit them in the future with respect to jobs, while on the other hand, it has excluded several courses affiliated with TAFE.

Education providers are now to follow tougher procedures as the new rules prohibit the use of brokers or agents. At the same time, they can’s also directly solicit prospective students anymore. Thus the rules are clearly limiting their admissions rate and also they will not be further allowed to give training on subcontracting basis.

Here are a few other changes that are done. Take a look:

Tougher compliance for better education

The new rules are putting upper caps on things like the number of students, loan amounts, allowing to pay providers arrears basis and limiting the scope of courses among others. Provider’s course can also be canceled if the need is felt. Thus a student will be getting better education now and also at reasonable prices.

New Application Process for Education Providers

Any student who wants to take a loan for a course associated with VET has to now follow a new process. This is to make sure that only good education providers are chosen by students. Also under this, education providers will be liable for explaining any dropout rates from the courses.

Loan Caps

All the previous loan caps are revised and they make sure that you as a student get an education at a reasonable cost. The loan caps go like $5,000, $10,000, and $15,000 applicable for several diplomas and advanced diploma courses. Students will also be required to engage with VET Student Loans Portal by way of login. This is especially done to regulate the vocational courses and that the students get good on-the-job kind of education and skill set.

Change in Eligible Courses

Many courses have been excluded from the VET Loan facilities and this step is sure to hard-hit many students. This is done by analyzing the current requirements of various industries in Australia.

Some of the TAFE courses such as music, journalism, theater have been excluded. Courses that are diplomas and advanced diplomas on the National Skills Needs List has been provided subsidy.

 

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