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VET FEE-HELP SPECIAL ANNOUNCEMENT

On 5 October 2016, Senator the Hon Simon Birmingham, Minister for Education and Training, announced the commencement of VET Student Loans from 1 January 2017. The Minister also announced that access to the current VET FEE-HELP scheme for existing students will cease on 31 December 2017.

Information on the new VET Student Loans program and the transition from VET FEE-HELP is available on the Department of Education’s website at www.education.gov.au. This includes fact sheets on arrangements for current VET FEE-HELP students.

Any Virtu student requiring specific advice should contact the Virtu Administration Manager and Registrar on registrar@virtuinstitute.edu.au

Information for current VET FEE-HELP students
The following information is taken from publications distributed by the commonwealth Government

From 1 January 2017 VET FEE-HELP will cease and a new VET Student Loans prorgam will commence.
Students currently financing their studies through a VET FEE-HELP loan will not be automatically transferred to the new VET Student Loans program.

Are VET Student Loans different to VET FEE-HELP?
• Yes, the VET FEE-HELP scheme will cease on 31 December 2016 and the VET Student Loans program will be a significantly different program.
• Many courses currently available under VET FEE-HELP will not be eligible for assistance under the new arrangements.
• Some currently approved VET FEE-HELP providers may not be eligible to deliver courses under VET Student Loans. Virtu has applied to become a VET Student Loan provider.

Why is this program replacing VET FEE-HELP?
• This program is being implemented to provide sustainable and affordable opportunities for students to undertake higher level VET courses.
• VET Student Loans align to, and provide students with the skills to meet industry needs and employment outcomes.
• Under VET FEE-HELP, a number of providers offered courses they were not properly set up to deliver and used unscrupulous marketing practices to target potential students into signing up for courses they may not be ready to undertake, or to request a loan for a course without the proper resources to make an informed decision.
• VET Student Loans protects students by ensuring these behaviours do not persist.

What if I’m part way through my course?
• The Government is mindful that current students may want to continue their studies under existing VET FEE-HELP arrangements.
• If you are a current continuing student accessing VET FEE-HELP, you have the option to continue accessing VET FEE-HELP until 31 December 2017.
• Later this year, you will need to let the Australian Government Department of Education and Training know that you wish to continue to access VET FEE-HELP by completing an online form which will be available on the department’s website.
• The department will contact you personally when the online form is available and explain the next steps.
• If you do not let the department know you would like to continue, your access to VET FEE-HELP will cease 31 March 2017.

What if I’ve already signed up for a course that does not start until 2017?
• As the VET FEE-HELP scheme effectively ceases on 31 December 2016, you will no longer be eligible for VET FEE-HELP.
• You can however apply to access VET Student Loans from 1 January 2017, should your course be eligible.
• Students wanting to apply for VET Student Loans should read the factsheet ‘Information for Students’.

Where can I find out more?
• Before making a decision, it is recommended that students speak to their education providers and visit www.education.gov.au/vet-student-loans
where more information on the new measures and transition arrangements can be found.
• If you have a VET FEE-HELP debt you will continue paying this off as you currently do. To view your HELP balance visit www.ato.gov.au/Individuals/Study-and-training-support-loans

For more information, visit www.education.gov.au/vet-student-loans

• If you have questions you may contact the HELP Student Enquiry line on 1800 020 108 or email VETStudentLoans@education.gov.au

Course Fees and Refunds
Virtu Institute is committed to ethical behavior and fairness and as a result believes that all students and purchasers should only pay for services and goods provided, if they are of a high quality standard, in good order (if applicable) and if delivered in a timely manner.
Under certain circumstances students and prospective students of Virtu can claim a refund of course tuition fees paid and the conditions of these refunds are outlined in the document: VDIP&P20401 Refund Policy.
When completing the Enrolment Form applicants will be asked to read the Virtu Terms & Conditions and will be asked to tick a box indicating their agreement to these terms and conditions. A downloadable version can be accessed from this page.

vet-student-loans
From 1 January 2017, VET Student Loans will be implemented for all newly enroling students wishing to access the Commonwealth Government FEE-HELP income contingent loans. Virtu has been approved Provisionally by the Department of Education and Training to offer VET Student Loans FEE-HELP income contingent loans between 1 January 2017 and 30 June 2017 for a limited number of students and courses.

Student eligibility
There are specific criteria students must meet to be eligible for a loan through VET Student Loans.

Students must have been assessed as academically suited to undertake the eligible course and their FEE-HELP balance must be greater than zero. Furthermore, a student must be:
• an Australian citizen, or
• hold a permanent humanitarian visa and usually reside in Australia, or
• be a qualifying New Zealand citizen.

Additionally you will be required to provide us with:
• a certified copy of a certificate for a qualification at Australian Qualifications Framework (AQF) level 4 (or above) that was delivered in English, or
• a Senior Secondary Certificate of Education awarded by an agency or authority of an Australian State or Territory for your completion of year 12 of school, or
• a certificate of competency at or above Exit Level 3 in the Australian Core Skills Framework in both reading and numeracy using an approved assessment tool arranged by Virtu.

 
What do students need to know?
For the most recent information on VET Student Loans scheme students and other interested parties should download the VET Student Loans information booklet 2017 on https://docs.education.gov.au/node/42391

Loan caps
• Eligible students will be entitled for loans up to a capped amount which is set by Government for each of Virtu’s qualification as follows:

- BSB50215 Diploma of Business – $5,000
– BSB51915 Diploma of Leadership and Management – $5,000
– CHC50113 Diploma of Early Childhood Education and Care – $10,000
– CUA50715 Diploma of Graphic Design – $10,000
– CUA60315 Advanced Diploma of Graphic Design – $10,000*
– MSF50213 Diploma of Interior Design and Decoration – $10,000
– MSF60113 Advanced of Interior Design – $10,000
– MST50116 Diploma of Applied Fashion Design and Merchandising – $15,000
– MST60116 Advanced Diploma of Applied Fashion Design and Merchandising – $15,000*
– BSB52415 Diploma of Marketing and Communications – $5,000*
– FNS50215 Diploma of Accounting – $5,000*
* These courses are not included for loans in Virtu’s provisional approval as a VET Student Loans provider

• Virtu may charge above the cap for a course, and if so, students will be expected to pay the difference. Payments will be required according to the provider’s billing period and Virtu’s Course Fees can be seen in the Schedules below,
• The list above indicates the maximum amount of a VET student loan that will be available for each course for each student not taking into account that the amount of the loan cannot be greater than the student’s remaining FEE-HELP balance,

Eligible courses
• Only certain Diplomas, Advanced Diplomas, Graduate Certificates and Graduate Diplomas are eligible for VET Student Loans that the government considered linked to industry needs and employment outcomes.
• Students who wish to access a loan to study a higher level VET course you will need to select one of these eligible courses.
• A full list of eligible courses can be found at www.education.gov.au/vet-student-loans.
• Eligible courses, and the providers approved to deliver them, will also be available on www.myskills.gov.au – Australia’s directory of training.

Providers
• All private providers are required to apply to deliver courses under VET Student Loans.
• Existing VET FEE-HELP providers may be given provisional approval to deliver courses while applications for more permanent official approval are assessed. Virtu has been granted Provisional approval which is in force until the 30 June 2017.
• If you select a provider that does not receive official approval, you can only access VET Student Loans until 30 June 2017.
• If your provider does not receive approval to engage in the VET Student Loans program past 30 June 2017, you will have the option of transferring to an approved provider that offers your course.
• Approved VET Student Loans training providers will be identified on Australia’s Training Directory, www.myskills.gov.au. They will also be required to publish their fees on all VET Student Loan courses. This means you will be able to use My Skills to
• find VET Student Loan approved courses,
• find the VET Student Loan approved training providers who can deliver the course you choose, and
• use price information and loan availability to compare providers and courses when making training choices.

Loan Debt and Repayment
• Before applying for VET Student Loans you may wish to seek independent financial advice,
• All VET Student Loans will remain a personal debt until repaid to the Commonwealth,
• Repaying the loan is required when your income reaches the repayment threshold. The threshold can be found at www.studyassist.gov.au,
• The total amount of your HELP debt could be up to 120% of the VET student loan for the course (the debt will include the Commonwealth Loan Fee of 20%),
• The Loan may, until the debt is repaid, reduce a your take-home (after-tax) wage or salary and may reduce your general borrowing capacity

Engagement
• You will be required to demonstrate you are progressing throughout your course.
• From 1 July 2017, you will be required to log in online twice during the year and acknowledge that you accept the loan you will receive for the course,
• The Census date is the final date a student can cancel their enrolment and withdraw from a Course or Subject (Unit of Study) without incurring debt or a Courses (Tuition) Fee,
• All Virtu Courses have at least 5 Census dates with Course (Tuition) Fees being apportioned across a specified number of sequential fee periods. See Virtu Course (Tuition) Fee Schedules for your course on this page below,
• You may cancel or withdraw from your enrolment in the course or part of the course by using Virtu’s procedure for withdrawal and completing the Virtu VDIF20810 Student Withdrawal Request Form downloadable from this webpage,
• If you withdraw before the census day from a course or part of a course, you will not incur a VET student loan debt for the course or part of the course and will receive a refund for any Courses (Tuition) Fees you have already paid for the course or part of the course. See VDIPP20401Virtu Refund Policy downloadable from this webpage,
• It is important that you advise Virtu of any change in your contact details.

Support
• If you have a grievance or complaint you should consult the Virtu VDIP&P20315 Student Grievance Handling Policy & Procedure (Academic & Non Academic Grievances) downloadable from this webpage.
• If you have any questions, concerns, or require more information regarding any element of VET Student Loans Department of Education and Training HELP Student Enquiry line on
1800 020 108, email VETStudentLoans@education.gov.au or visit www.education.gov.au/vet-student-loans

Schedules of Virtu Design Institute VET Tuition Fees
Schedule of VET Tuition Fees 2017 MSF50213
Diploma of Interior Design and Decoration – pdf

Schedule of VET Tuition Fees 2017 MSF60113
Advanced Diploma of Interior Design – pdf

Schedule of VET Tuition Fees 2017 CUA50715
Diploma of Graphic Design – pdf

Schedule of VET Tuition Fees 2017 CUA60315
Advanced Diploma of Graphic Design – pdf

Schedule of VET Tuition Fees 2017 LMT50307
Diploma of Applied Fashion Design and Technology – pdf

Schedule of VET Tuition Fees 2017 MST50116
Diploma of Applied Fashion Design and Merchandising – pdf

Schedule of VET Tuition Fees 2017 MST60116
Advanced Diploma of Applied Fashion Design and Merchandising – pdf

Schedule of VET Tuition Fees 2017 CHC50113
Diploma of Early Childhood Education and Care – pdf

Schedule of VET Tuition Fees 2017 BSB50215
Diploma of Business – pdf

Schedule of VET Tuition Fees 2017 BSB51915
Diploma of Leadership and Management – pdf