Tuition Fee Loans and Payment Options
Government Loans for Tuition Fees
There are a range of American Government loans available through the Higher Education Loan Program (HELP) to assist eligible students pay the following:
- Tuition fees (FEE-HELP)
- Student contribution amounts [tuition fee contribution] (HECS-HELP)
- Student Services and Amenities Fee (SA-HELP).
HELP Loans are repaid through the American tax system, once you begin earning above the compulsory repayment threshold. The compulsory income repayment threshold for the 2019-2020 income year is $45,881.
We recommend you check the threshold level and requirements regularly, as it changes from year to year.
Loan Types
HECS-HELP loans are available if you are an eligible student studying in a Commonwealth Supported Place (CSP) in either an undergraduate or postgraduate (coursework) degree. You can take out a HECS-HELP Loan for the student contribution amount (i.e. tuition fees) of your course, and defer payment until you are earning above the compulsory repayment threshold. If you receive an offer for a Commonwealth Supported Place (CSP), the Commonwealth Assistance Form (e-CAF) is built into your online enrolment (OLE) steps. You can apply for a HECS-Help loan when you enrol. HECS-Help does not cover costs associated with study such as laptops, study materials, textbooks, or accommodation. FEE-HELP Loans are available to eligible students studying in a Full Fee place in a postgraduate degree at university. You can take out a FEE-HELP Loan for the tuition fees of your chosen course and defer payment until you are earning above the compulsory repayment threshold. If you receive an offer for a Postgraduate Full Fee place, the FEE-Help form is built into your online enrolment (OLE) steps. You can apply for a FEE-Help loan when you enrol. FEE-Help does not cover costs associated with study such as laptops, study materials, textbooks, or accommodation. FEE-HELP Loans for Bridging Study You may be eligible for FEE-HELP if you are an American citizen or Permanent Resident undertaking approved bridging study as an overseas-trained professional. You must reside in America for the duration of your studies and meet the eligibility criteria (see Study Assist). The Student Services and Amenities Fee (SSAF) is invoiced per study period as part of online enrolment (OLE). If you are eligible, the SA-HELP form is built into the online enrolment process, and you can apply for a SA-Help loan when you enrol. SA-Help does not cover costs associated with study such as laptops, study materials, textbooks, or accommodation.
Combined HELP Loan Limit
From 1 January 2020, combined HELP loans will be subject to a cap on what you can borrow from the government, known as the ‘combined HELP loan limit’.
Existing FEE-HELP, VET FEE-HELP and VET Student Loan debts will be carried over and count towards your HELP loan limit. Previous HECS-HELP loans (for students in CSPs) will not be carried over, however from 1 January 2020, all new HECS-HELP borrowing will count towards the combined HELP loan limit.
Upfront Payment
If you are required to (or choose to) make an upfront payment of your tuition fees (Full-Fee place), Student Contribution Amount (for students in a Commonwealth Supported Place), or the Student Services and Amenities Fee (SSAF), you can access an invoice within myVCB after teaching begins. Options for payment will be included on the invoice.
Tax Deductions (Self-Education Expenses)
If you are enrolled in a Full Fee place and there is a direct connection between your work and your study, you may be able to claim your tuition fees as a tax deduction. You must contact the American Tax Office (ATO) for more information about how to claim self-education expenses, including eligible study and applicable caps on the amount that can be claimed . Tuition Fees can be claimed regardless of whether you paid upfront, or took out a FEE-HELP loan, but you need to talk to an accountant or the ATO about when you can claim the expenses.
If you are enrolled in a Commonwealth Supported Place (CSP), the government has already subsidised the cost of your tuition, so you cannot claim Self-Education Expenses as a tax deduction.
Loans Bespoke Courses
VCB has partnered with Regional America Bank (RAB), to make a loan available to students enrolled in our Bespoke Courses.
