VET FEE-HELP Information

AICD (Australian Institute of Fashion Design Pty Ltd trading as Australian Institute of Creative Design) is excited to annouce that it's Advanced Diploma of Applied Fashion Design and Technology and Advanced Diploma of Interior Design courses have been approved for VET FEE-HELP. Students enrolling in these courses are now eligible to apply for the Australian Government's VET FEE-HELP loan scheme.

What is VET FEE-HELP?

VET FEE-HELP is a government loan scheme which assists eligible students undertaking certain courses to pay for all or part of their tuition fees. The loan allows students to study now and pay later by deferring loan repayments until your income is above the minimum repayment threshold (in 2010-2011 this was $44,911). Once you reach the repayment threshold repayments are made to the Australian Government through the tax system.

Quick Points to Note:

• You may choose to pay some of the tuition fees upfront and request a VET FEE-HELP loan for the remainder of the tuition fees or request a VET FEE-HELP loan for the full tuition fees.
• Students may borrow up to the FEE-HELP limit, which in 2011 was $86,422 for most courses.
• A 20% loan fee applies to VET FEE-HELP loans (this is included in your debt), although this fee does not affect your FEE-HELP loan limit.
• You can make voluntary repayments to reduce your HELP debt at any time and for any amount. Making voluntary payments will reduce your debt immediately and can attract a bonus. If you make a voluntary repayment of $500 or more, you will receive a bonus of 5% of the payment you make.
• No interest is charged to your VET FEE-HELP debt, however, your debt is indexed annually by the Australian Taxation Office (ATO) to maintain it's real value.
• You will require a Tax File Number (TFN) to apply for VET FEE-HELP - if you do not have a Tax File Number you can request one from the Australian Taxation Office.
• Repayments are made through the tax system once you reach the income threshold for compulsory repayment. The repayment thresholds are adjusted each year and in 2010-2011 this was $44,911.

Eligibility for VET FEE-HELP

To be eligible for VET FEE-HELP you must:

• be an Australian citizen or permanent humanitarian visa holder who will be a resident in Australia for the duration of your study,
• meet the tax file number requirements, and
• have not exceeded the FEE-HELP limit;

To obtain VET FEE-HELP you must be enrolled in an eligible unit of study on or before the census date (having submitted your Request for VET FEE-HELP Assistance Form).

Disallowance Period

VET provider approvals are legislative instruments subject to a disallowance period. Following approval by the Minister (or the Minister's delegate), each notice of approval is subject to a disallowance period of 15 sitting days in both houses of parliament. The Australian Institute of Fashion Design Pty Ltd [the VET provider] is operating in the disallowance period and if our VET provider approval becomes subject to disallowance by Parliament, students will be unable to access VET FEE-HELP for any future VET units of study.

Student's should be aware that AICD's approval as a VET provider may still be disallowed by the Federal Parliment. In the event that AICD's approval is disallowed, students will not be able to access VET FEE-HELP for the remainder of their course. Any VET FEE-HELP debts already accrued before the disallowance will not be affected. If students requested VET FEE-HELP assistance for units of study where the census date has passed, they will not have to pay upfront tuition fees for these units and will still receive a VET FEE-HELP loan for them.

Our VET FEE-HELP Approved Courses

The following AICD courses are VET FEE-HELP Approved:

• Advanced Diploma of Applied Fashion Design and Technology
• Advanced Diploma of Interior Design

Policies Relating to VET FEE-HELP

• Refund Policy for the purposes of the VET FEE-HELP Assistance Scheme
• Fair Treatment and Equal Benefits and Opportunity Policy and Procedure
• Student Review Procedures for Re-Crediting a Fee Balance
• Statement of VET Tutition Assurance
• Academic & Non-Academic Grievance Policy and Procedures

Schedule of VET Tuition Fees for Approved Courses

• Advanced Diploma of Applied Fashion Design and Technology Schedule of VET Tuition Fees 2012
• Advanced Diploma of Interior Design Schedule of VET Tuition Fees 2012

More Information about VET FEE-HELP

For more information about VET FEE-HELP visit http://www.studyassist.gov.au/

• http://studyassist.gov.au/sites/studyassist/helppayingmyfees/vet-fee-help/pages/vet-fee-help