VSL Key Facts
- A VET Student Loan is a loan issued by the Commonwealth
- This loan will remain as a personal loan that must be repaid to the Commonwealth
- The loan, until it has been repaid, may reduce the students after-tax income and may reduce the students borrowing capacity through other loan providers (such as home, car, etc)
- A student is welcome to seek additional financial advice prior to applying for a VET Student Loan
- A 20% loading fee is applied to all VET Student Loans by the Australian Government (This does not count towards your VSL cap).
You don’t need to begin repaying the loan until you earn over $47,014 a year. The loan is repaid based on your income at a percentage between 1% – 10%.