A VET Student Loan is an income contingent loan from the Australian Government that helps eligible VET students pay their tuition fees.
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A few key points about VET Student Loans:
- you must be eligible to access a VET Student Loan (part 2)
- you can only access a VET Student Loan for an approved course (part 3) and with an approved course provider (part 4)
- a VET Student Loan may not cover your entire tuition fee and you may be required to pay the gap amount (part 9)
- VET Student Loans incur a 20% loan fee (part 10)
- repayment of VET Student Loans is managed through the Australian tax system; you will need to begin repaying your loan once your income reaches a certain level (part 11)
- VET Student Loans are indexed each year, which means the amount borrowed increases annually (part 12)