VET postgraduate costs and loans
How, and how much, will you pay for your VET postgraduate course?
How much your program will cost will depend on how long it is but also on which of the two types of postgraduate courses you choose. The two types of courses in the VET sector are pay-by-the-hour courses and fee-for-service courses.
Pay-by-the-hour courses
Fee-for-service courses
Pay-by-the-hour courses
What are they?
Pay-by-the-hour courses are charged at an hourly rate, and they are also capped at a certain amount per year. For example, in South Australia the 2008 tuition fee is $3.00 per contact hour (or $1.20 per hour for concession card holders) up to a maximum fee of $1980 per year.
Where are they available?
These courses are only available at TAFE institutes, and not private providers in the VET sector, otherwise known as registered training organisations. However, not all courses at TAFE institutes are charged by the hour. You need to speak directly with any TAFE institute you are interested in to check which are fee-for-service courses.
Cost of study
How much you will pay depends on where you choose to study. Hourly and maximum charges will vary from state to state. In 2008, the maximum charges are:
Victoria: $2000
NSW: $1490
SA: $2140
WA: $1100
QLD: Contact the institutions directly
Tasmania: $990
NT/ACT: Contact Charles Darwin University or Canberra Institute of Technology respectively for information about VET fees.
Fee-for-service courses
What are they?
Fee-for-service courses are those in which students pay full fees; that is, they are not capped at a certain rate per year. These courses are generally more costly since the entire cost of delivering the course is borne by students, rather than just a partial contribution. Most postgraduate VET courses are fee-for-service.
Where are they available?
All courses at private VET providers, otherwise known as registered training organisations, are generally fee-for-service. Although many courses at TAFE have capped fees, plenty of others are fee-for-service. Ask your preferred RTO or TAFE for details.
Cost
The cost of fee-for-service courses will vary a great deal depending on where and what you study. It is very important to shop around before you decide to attend one institution or another as fees may be higher at some RTOs. Ask the providers themselves for all the details.
Loans for fee-for-service courses
VET FEE-HELP is now available for selected VET courses. VET FEE-HELP is an extension of FEE-HELP, which is a government loan scheme that enables you to defer payment of your contribution amount.
It is an interest free, income contingent loan scheme, which means that students do not start paying the loan back until their income reaches a certain level or ‘payment threshold’.
VET FEE-HELP is expected to be available to assist students undertaking the following VET-accredited courses with an approved VET provider:
- Advanced diploma
- Diploma
- Graduate certificate
- Graduate diploma.
Diploma or advanced diploma courses must have credit transfer to a higher education award.
Like higher education FEE-HELP, VET FEE-HELP loans are capped at $85,062 (or $106,328 for medicine, dentistry and veterinary science courses that lead to registration as practitioners in those fields) over their lifetime indexed annually. Note also that a 20 per cent loan fee may apply; it is added to your debt but does not count towards the FEE-HELP limit.
Will I get a loan?
Not all VET providers will be eligible to offer their students VET FEE-HELP loans for their full-fee places. There will be an approval process whereby registered training organisations offering the above awards will be accredited to offer VET FEE-HELP loans. However, note that they will also be required to have credit transfer arrangements with an approved higher education provider.
Universities (public and private) offering VET diplomas and advanced diplomas will also need to go through an approval process in order to offer VET FEE-HELP.
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