When you explore and research courses to study after Year 12, it is important to also plan how you will pay for study. Fees for tertiary study can be large. Don’t stress! Financial help is available.

Higher Education Loan Programs

Young female student at university studying

Higher education institutions include:

  • Universities
  • Independent higher education institutions
Universities and HECS-HELP

If you enrol at a university, you may eligible for a Commonwealth Supported Place (CSP). This means that the Government pays part of your tuition fees and you pay the rest – this is called your ‘student contribution amount’. This is referred to as Higher Education Contribution Scheme, or HECS.

The student contribution amount varies, depending on the course you are enrolled in. Study Assist has a guide to the current student contribution amount.

If you cannot afford to pay the student contribution amount, you may be eligible for a HECS-HELP loan.

For more information read this HECS-HELP Fact Sheet or read some more about Study Assist.

Independent Higher Education Institutions

Independent higher education institutions offer full fee-paying places rather than Commonwealth Supported Places (CSP). If you enrol in an approved course provided by an approved independent higher education provider, you may be eligible for a FEE-HELP loan.

The maximum FEE-HELP loan for most courses is currently $109,206. For a small number of approved courses, such as Medicine, the maximum FEE-HELP loan is higher. Currently there is a FEE-HELP loan fee of 20%for most courses. This is in addition to the FEE-HELP loan.

For more information read this HECS-HELP Fact Sheet or read some more about Study Assist.

SA-HELP

Your university or higher education institution may have a Student Services and Amenities Fee (SSAF). You may be eligible for a loan to pay all or part of your SAAF.

See the SA-HELP Fact Sheet for more information and Study Assist.

OS-HELP

If you have the opportunity to study part of your higher education course overseas, you may be eligible for an OS-HELP loan. For more information see the OS-HELP Fact Sheet and Study Assist.

Vocational Education and Training

VET Student Loans

If you have enrolled in a VET course at Diploma level or above, you may be eligible for a VET Student Loan (VSL). VET student loans are available for approved courses and approved Registered Training Organisations (RTOs). MySkills identifies courses and RTOs approved for VET Student Loans.

Approved RTOs may include:

  • TAFEs
  • private providers
  • other organisations that have RTO status such as:
    • some schools and universities
    • professional or industry organisations
    • community-based training providers.

The two short videos on the VET Student Loans website will give you a quick snapshot. You can also download the VET Student Loans info booklet.

TasTAFE

Many Certificate I, II, III and IV courses provided by TasTAFE are subsidised by the Tasmanian Government. Depending on your personal circumstances, you could be eligible for a concession. Fee concessions are offered based on your (or your family’s) Centrelink status. You may be eligible for a concession, if you:

  • are receiving a Centrelink allowance such as Newstart, Youth Allowance, Disability Support Pension, a pension, Austudy or Abstudy
  • are listed on a current Centrelink Card as a dependent
  • have a Health Care Card.

Course fees are normally be paid up-front, but there may be payment options for students who are unable to pay up-front. There is more information on the TasTAFE website.

Repaying your HELP or VSL Debt

You will be required to start paying off your HECS-HELP or VSL debt once you earn above the compulsory repayment threshold (This means once you start earning a certain level of salary). You can also make voluntary repayments at any time. This may be worth looking into down the track a bit – for instance, if you have a high HELP or VSL debt and you are looking to borrow a large sum of money to purchase a house.

Your HELP debt includes any unpaid:

  • HECS-HELP
  • FEE-HELP
  • VET FEE-HELP
  • OS-HELP
  • SA-HELP
  • indexation that has been applied to the loan to adjust it to be in line with changes in the cost of living.

Your VSL debt includes any unpaid:

  • VET Student Loan
  • indexation that has been applied to the loan to adjust it to be in line with changes in the cost of living.

HELP and VET Student debts are repaid through the Australian Taxation Office (ATO). There are two ways that you can repay your HELP or VSL debt:

  1. Compulsory repayments
    Compulsory repayments are made through the income tax system. , A percentage of your income is  withheld as a loan repayment. The amount you repay depends on your income. The more you earn, the more you repay. Checkout the ATO website for more info.
  2. Voluntary repayments
    You can repay part of your HELP debt at any time through the ATO. (Voluntary repayments cannot be refunded.) Voluntary repayments are on top of the compulsory repayments you have to make.

Many Certificate I, II, III and IV courses provided by TasTAFE are subsidised by the Tasmanian Government. Depending on your personal circumstances, you could be eligible for a concession. Fee concessions are offered based on your (or your family’s) Centrelink status. You may be eligible for a concession, if you:

  • are receiving a Centrelink allowance such as Newstart, Youth Allowance, Disability Support Pension, a pension, Austudy or Abstudy
  • are listed on a current Centrelink Card as a dependent
  • have a Health Care Card.

Course fees are normally be paid up-front, but there may be payment options for students who are unable to pay up-front. There is more information on the TasTAFE website.

Support and advice

If you have any questions about CSP eligibility, applying for HELP/HECS or repayments, contact StudyAssist. Check out the publications on Commonwealth supported places and HELP loans.

Book a chat with your school Career Advisor – they can also help you and your family navigate paying for high education study.

Key takeaway

Financial support is available for students to help support them in further study at University or TAFE. Talk to your school’s career advisor to find out more information.

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