VET Student Loans (VSL) available at AACM
What is VET Student Loans?
VET Student Loans – or short VSL – is a loan scheme provided by the Australian Government and designed to help eligible students to pay for their tuition fees. If you are an eligible student, the guaranteed government loan will help you to make your dream to become a professional Makeup Artist come true.
Only selected quality providers are VSL approved and AACM is proud to be able to offer access to VET Student Loans. We acknowledge that tuition fees are a barrier for course entry, the ability to take out a VET Student Loan will ease the financial pressure and will enable you to focus on your studies.
VET Student Loans is a loan and your VET Student Loan debt (VSL debt) must be paid back at the relevant repayment rate when your repayment income is above the compulsory repayment threshold. Additional loan fees may apply.
Please visit the VET Student Loans webpage for more information: Information for VET Student Loans Students.
What you need to know ...
VET Student Loans access is available for eligible students who commenced after 01 January 2021. If you are an eligible student, you will be able to take a loan up to the approved loan cap for your selected course.
VET Student Loans is only available for our Diploma level courses, the CUA51015 and CUA51020 Diploma of Screen and Media in Specialist Make-up Services and is for 2021 and 2022 funded in Band 3. Please follow the link VET Student Loans Course Caps Indexed Amounts below to look up applicable funding band amounts.
The VET Student Loans Information Booklet provides a summary of the key points a person applying for or receiving a VET Student Loan needs to know. You must read this booklet before applying for a VET Student Loan.
Other useful information is available on the webpage of the Department of Education, Skills and Employment and we encourage you to visit the following links.
The Australian Academy of Cinemagraphic Makeup is proud to be a signatory to the VET Student Loans Code of Practice.
The voluntary code was developed and is supported by education providers like AACM, who deliver VET Student Loan approved courses and commit to quality training and student experiences from start to end.
Download a digital copy here: VET Student Loans Code of Practice
The following courses are approved courses and offered at our Brisbane, Melbourne and Sydney campus and online.
Please keep in mind that taking out a VET Student Loan is creating a debt that must be repaid to the Commonwealth.
AMAB Training Services trading as The Australian Academy of Cinemagraphic Makeup, short AACM, has campuses in Brisbane, Melbourne and Sydney and is offering selected courses online. Our ABN is 21 601 280 237 and our RTO code as Registered Training Provider is 31527.
To be an eligible student, you must meet the following criteria.
- an Australian citizen; or
- a qualifying New Zealand citizen*; or
- a permanent humanitarian visa holder, who is usually resident in Australia.
Your HELP balance (the amount of your HELP loan limit you have left) is more than $0. This means you have enough HELP loan limit remaining for your proposed studies to be covered by the loan. The HELP loan limit is the limit on how much you can borrow. Any borrowing under FEE-HELP, VET FEE-HELP, VET Student Loans and, from 1 January 2020, HECS-HELP will count towards your HELP loan limit.
*A qualifying New Zealand citizen is a New Zealand citizen who meets all of the following:
- holds a special visa category, such as the New Zealand Special Category Visa (SCV);
- has been usually resident in Australia for at least 10 years;
- was a dependent child when he or she was first usually resident in Australia;
- has been in Australia for periods totalling 8 years during the previous 10 years; and
- has been in Australia for periods totalling 18 months during the previous 2 years.
Please visit the MySkills webpage and check out the VSL Eligibility Tool
To be able to apply for a VET Student Loan, you must meet one of the following academic suitability requirements;
- Provide a copy of a Senior Secondary Certificate of Education for your completion of year 12 (Australian Year 12 Certificate); OR
- Provide a copy of a diploma that has been awarded for the completion of the International Baccalaureate Diploma Program; OR
- Provide a copy of a successfully completed Certificate level 4 or above in the Australian Qualifications Framework and delivered in English; OR
- Undertake under AMAB’s supervision a literacy and numeracy test using AMAB’s nominated LLN testing tool Basic Key Skills Builder (BKSB) and display competency at or above Exit Level 3 in the Australian Core Skills Framework (ACSF).
AACM may require a student to undertake a LLN test in addition to providing the required information above. This is to ensure that AMAB is satisfied that you are academically suited to undertake your Diploma course.
All VET Student Loan amounts incurred on census days from 1 April 2020 to 30 June 2021 will not incur the usual 20% loan fee. This follows the Australian Government announcement of the loan fee exemption in the Higher Education Relief Package on 12 April and further extension announcement on 30 September 2020. You will not need to do anything for the exemption to be applied. Student VET Student Loan debt records with the ATO will automatically reflect the loan fee exemption.
A 20% loan fee applies to VET Student Loans. The loan fee does not count towards your HELP loan limit. You do not have to pay the loan fee upfront – it is added to your VET Student Loan debt at the Australian Tax Office (ATO).
For example, if you are undertaking a course that costs $5,000, and you intend to access a loan for the full cost of the course, the loan fee will be $1,000 (i.e. 20% of $5,000). So your VET Student Loan debt for that course will be the loan amount accessed ($5,000) + the loan fee ($1,000) = $6,000. You will incur the loan fee as you progress through your course on a per-unit basis – it is added to the loan amount you access for each unit.
You do not incur the loan fee if you are a student who is subsidised by a state or territory government and you are studying a diploma or advanced diploma course. This usually applies for all students enrolled at our Brisbane campus under the Queensland Higher Level Skills funding. If you are not sure if you are a subsidised VET student, contact us directly.
Please visit the MySkills webpage and check out the VET Student Loans Calculator