VET FEE-HELP closed for new students on 31 December 2016. VET Student Loans began on 1 January 2017 and replaced VET FEE-HELP. For VET FEE-HELP information, go to the Department of Employment and Workplace Relations website.
VET FEE-HELP Student Redress Measures came into effect on 1 January 2019 and will end on 31 December 2023.
What is the HELP loan limit amount? For 2023, the HELP loan limit is $113,028 for most students. The limit for students studying medicine, dentistry and veterinary science courses leading to initial registration, or eligible aviation courses with census dates in 2023 will be $162,336.
HECS-HELP is a loan for eligible Commonwealth supported students studying at public universities (and some approved private institutions of higher education), whereas FEE-HELP can be offered to eligible students who study courses where the tuition fees are set by the approved providers.
The Higher Education Loan Program (HELP) provides financial help for students to pay: Student contributions (HECS-HELP) Tuition fees (FEE-HELP)
HECS was absorbed into HELP and the scheme is now referred to as HECS-HELP. The Government also extended the income-contingent loan schemes to domestic students paying full fees (FEE-HELP) and for those studying overseas for one or two semesters (OS-HELP).
As mentioned and under the current law, if a person doesn't pay off their HECS/HELP debt before they pass away, that debt is wiped.
Reducing Interest: Paying off your HECS debt early can help you save on interest charges. By making voluntary repayments, you can minimize the amount of interest accumulating over time, potentially saving you money in the long run.
Each veterinarian sets the fee for service based on the nature and technique of the treatment, the expertise available as well as the cost of supplying the service. This will include salaries, overheads and specialist equipment. These costs can vary from clinic to clinic.
This limit excludes any loan fee, the FEE‑HELP limit in 2020 is $106,319 for most students. For students undertaking medicine, dentistry and veterinary science courses (as defined in the Higher Education Support Act 2003) the FEE‑HELP limit is $152,700.
Loan repayments are then made through the Australian taxation system when your income reaches a certain threshold ($48,361 for the 2022-23 financial year; $51,550 for the 2023-24 year). It is possible to make voluntary repayments at any time regardless of income.
The compulsory HECS repayment threshold for the 2022-23 income year is $48,361.
The Student Learning Entitlement (SLE) is the amount of study you can undertake in a CSP in your lifetime. All students will start with 7 equivalent full-time study load (EFTSL) of Commonwealth supported study. This is your SLE amount, with 7 EFTSL equating to 7 years of full-time study.
Ms McCabe said that poor working conditions and remuneration, a lack of work life balance and wanting a change in career were the main reasons for veterinarians planning to leave the industry. “Demand for veterinary services increased during the pandemic and this further intensified workloads and pressure.
Staff and Equipment Costs for Vets
Veterinary practices have a significant array of costs to deal with. They need to pay their vets –– who are highly qualified and in demand–– as well as other staff members, such as nurses, receptionists, practice managers and so on.
Veterinarians undergo years of rigorous education and training to earn their degree and must participate in ongoing education to stay up-to-date on the latest medical advancements. Additionally, veterinary clinics must cover the cost of equipment, supplies, and medication, which can be costly.
Contact Your Local Animal Shelter
Many animal shelters offer financial assistance to help pay for emergency veterinary care. They can provide access to veterinarians offering discounts on pet medical services. If you find yourself in a pet medical crisis, do not hesitate to contact your nearest animal shelter for help.
Find out what the average Veterinarian salary is
How much does a Veterinarian make in Australia? The average veterinarian salary in Australia is $122,188 per year or $62.66 per hour. Entry-level positions start at $99,744 per year, while most experienced workers make up to $150,349 per year.
If making your compulsory repayments will cause you serious financial hardship, you can apply to defer your repayments. You can get some leniency. However, the debt will never disappear, even if you declare bankruptcy. A HECS-HELP debt is only ever cancelled upon death.
The report reveals that while the average HECS-HELP balance is on the rise, so is the average amount of time it takes to pay it off. The average balance is now $22,636, which has jumped 10% in the past two years. The average time to fully repay the debt is now 9.5 years.
To view the current balance of your HELP debt: Contact the Australian Taxation Office (ATO) on 13 28 61. You will need to advise the ATO of your tax file number (TFN) before they will disclose any personal information. View your HELP debt online via the myGov website.
Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).
YouTube How HECS/HELP indexation works. The Australian Tax Office (ATO) has released the country's 100 largest HELP/HECS debts through a Freedom of Information request – and the highest debt is a whopping $737,000.
New students starting university in 2022 will potentially lose their HECS-HELP loan assistance if they fail half of their classes. New laws passed under the Job Ready Graduates scheme in 2020 have been enacted this year.