On the 1st of January, 2016 the latest reforms to the VET FEE-HELP scheme will be enacted.
Four additional areas of change are coming into place. Namely, the enrollment process, greater penalties for RTO's not meeting the guidelines, easier grievance process and capping of placements and allocated funding.
These changes are designed to further protect students through developing the enrollment process and including a cooling-off period which is intended to ensure students have time to make separate study (enrollment) and payment decisions. In addition, the changes allow students greater access to a complaints board and there will also be greater penalties on VET FEE-HELP providers who are not compliant with the reforms. The biggest reform however, is the capping of VET FEE-HELP funds available to existing providers. This will limit the amount of VET FEE-HELP places available in 2016 and will mean students may not be able to access this loan scheme through their preferred provider.
Given these changes, we anticipate students will increasingly be looking at cheaper self-funding options. Paying upfront or via a payment plan will potentially save students thousands. For example, paying upfront for a Diploma level qualification in IT with Upskilled would cost you $3,500 as compared to well over $10,000 via VET FEE-HELP providers. That could be a huge difference for your financial situation in the future.
So if you are thinking of studying in the new year, perhaps the best time to enroll is today! Until the 30th of December, your enrollment process will be streamlined under the current VET FEE-HELP measures, meaning you could start your course sooner than you think. You will also be securing a soon-to-be limited placement in a course which you may miss out on after the 1st of January, 2016.
Get in contact with us today to find out more about your studying and payment options on 1300 009 924 or via firstname.lastname@example.org