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There is a loan fee of 20% for VET Student Loans for all courses other than state or territory subsidised courses. The amount of the VETSL debt is the amount of the loan provided for a part of a course or unit plus the loan fee. The loan fee is not included in the student’s HELP balance [part 39] but is included in their VETSL debt on myGov. The amounts on students’ ATO accounts will list their VSL record and loan fee as separate amounts.
The loan fee doesn’t apply to state and territory government subsidised students.
You need to report in TCSI if a loan fee applies.
Example
Adam is an eligible full fee-paying student accessing a VET Student Loan for his course. The tuition fee for his first unit of study is $1,000, plus a 20% loan fee.
$1,000 x 1.2 = $1,200.
While Adam’s HELP balance is reduced by $1000, his VETSL debt for the unit is $1,200.
Legislation: Rules s 12