A student loan is an amount of money given to a student to assist them financially through the Higher Education Loan Programme HELP) during their time at University or studying at a Tertiary institution, and which must be repaid when the student graduates and begins earning money. Most students in Australia obtain their student loan through the University or Tertiary Institution they are enroled with to study or do their course through.
The Government administers the Higher Education Loan Programme (HELP) which consists of five HELP loans schemes to assist students with the cost of their fees. The right loan for you will depend on your circumstances, eligibility and where you want to study.
If you are studying at university or at an approved private higher education provider you will be offered either a Commonwealth supported place or a fee paying place. If you are studying at an approved VET provider you will be enrolled as either a state subsidised student or fee paying student.
> A Commonwealth supported place is subsidised by the Government so that students are only required to pay a ‘student contribution’ amount rather than tuition fees.
> HECS-HELP is a loan scheme to help eligible Commonwealth supported students to pay their student contribution amounts through a loan or upfront discounts. Before 2005, this was known as ‘HECS’.
> FEE-HELP is a loan to help eligible fee paying students to pay their tuition fees.
> SA-HELP is a loan that assists eligible students to pay for all or part of their student services and amenities fee.
> OS-HELP is a loan to help eligible Commonwealth supported students pay their overseas study expenses.
> VET FEE-HELP is a loan to help eligible students enrolled in higher-level vocational education and training courses at approved VET providers to pay their tuition fees.
For further information see:
Department of Education and Training - Higher Education Loan Program
Australian Government Website - StudyAssist
