It became VET Student Loans in 2016
Universities were allowed to set their own fee schedules, within stipulated ranges. Repayment thresholds were increased, as were income percentages, which were upped to 8% for those making $65,000 or more.
HECS-HELP was available under this scheme to those who had secured slots at public universities – known as Commonwealth Supported Places. FEE-HELP was available to those attending private universities, and replaced PELS as a source of funding to graduate students, with a limit of $50,000 in borrowing. And OS-HELP provided assistance to overseas students.
Notably, FEE-HELP amounts were increased substantially in 2007, particularly for medical and veterinary students. These efforts to support STEM mirrored those made to HECS in 2005 with the introduction of the National Priorities Band. Contributions and repayments were reduced for those pursuing careers in nursing and education and in 2009 for those pursuing careers in mathematics and science.
In 2008, VET-FEE HELP was introduced to aid vocational students, who had to that point been excluded from the loan program. And in 2009, enrollment caps were eliminated at public universities in the hopes of increasing Australia’s competitiveness in producing young professionals.
During the early twenty-tens, the government continued to tweak fees and fine tune other aspects of the system. An additional program rolled out in 2012, SA-HELP, was designed to assist with fee for student services. Discounts for early and up-front payment were eliminated in 2015. (más…)