FEE FOR SERVICE

All Minerva College courses are able to be paid for directly, as fee for service qualifications.

 

VET STUDENT LOANS

The Commonwealth Government's new VET Student Loans program commenced on 1 January 2017.

Course eligibility for VET Student Loans is limited to courses that have a high national priority, meet industry needs, contribute to addressing skills shortages and lead to employment outcomes. Further information and the eligible VET Student Loans course list are available from the Commonwealth Department of Education and Training website http://education.gov.au/vet-student-loans.

What is  VET Student Loan?

A VET Student Loan is a Commonwealth Government loan scheme that allows eligible students to study now and pay later, once they reach a defined income level. It helps eligible vocational education and training students cover their fees for Diploma and Advanced Diploma courses.

VET Student Loan assistance is a loan from the Commonwealth and has the following features:

  • The loan will remain as a personal debt obligation until it is repaid to the Commonwealth.
  • The loan may affect (by reducing) the person’s take-home (after Tax) wage or salary until the debt is repaid, and may also affect the borrowing capacity of the person until the debt is repaid to the Commonwealth.
  • The signed request for a VET Student Loan form applies to a loan for the entire VET course of study, charged on a unit of study basis, unless the student elects to pay some of the tuition fees up front.
  • Census dates will apply to each of the VET units of study, in which the person enrols, with the student taking out a loan for tuition fees that remain unpaid at the end of each census date.

A student may cancel their enrolment by:

  • withdrawing from each VET unit of study on or before the census date; and
  • in accordance with Minerva College's withdrawal policy.

Withdrawal will result in the student:

  • not incurring a VET Student loan debt; and/or
  • receiving a refund for any up-front tuition fee payments made on or before the census date. 

Important note:

Students may wish to seek independent advice prior to applying for a VET Student loan.

AM I ELIGIBLE?

To be eligible for VET Student loan you must:

  • be enrolled in an approved course; 
  • be an Australian citizen or a permanent humanitarian visa holder who will be resident in Australia for the duration of study
  • be a New Zealand citizen on a Special Category Visa (SCV subclass 444) who meets the long-term residency requirements.*
  • meet the VET Student Loans academic suitability requirements, as outlined in the 'Pre-enrolment Information Booklet' provided upon enrolment
  • provide a tax file number
  • not exceed your FEE-HELP loan limit
  • provide, or be allocated, a Commonwealth Higher Education Student Support Number (CHESSN) – a unique identifying number provided by the Australian government

* Residency requirements for New Zealand citizens on a Special Category Visa require that applicants must:

  • have arrived in Australia at least 10 years ago as a dependent child under 18 years of age and did not have a spouse or de-facto partner; and
  • lived as an ordinarily resident in Australia for the previous 10 years (that is, they have been physically present in Australia or at least eight of the past 10 years) and
  • lived in Australia for at least 18 months of the last two years at the time of application for the loan.

How do I pay back the loan?

You repay your VET Student Loan through the Australian tax system when you reach the minimum income threshold for repayment. Information about the minimum income threshold is available on the Study Assist website.

HELP debts are managed by the Australian Taxation Office (ATO). Please contact the ATO on 13 28 61 to find out the balance of your HELP debt. Be sure to have your tax file number (TFN) handy when you call.

How do I apply?

As with any loan taken in your lifetime, you must understand the terms and conditions before you sign up. Please read the Commonwealth VET Student loan Information booklet carefully. Please also consider taking independent financial advice.

If you decide that taking a VET Student Loan is the best way for you to pay for your studies, you will not be able to apply for a loan at the same time as you enrol. It is a Commonwealth requirement that at least two business days elapse between enrolment and applying for a loan. Most students are able to apply for a loan online. Minerva College will send you a link when your eligibility is confirmed. Some students who need to provide evidence to support their eligibility, will be given a hard copy Request for VET Student Loan Assistance.

To apply for a VET Student Loan, you should:

  1. Read the 'Information Booklet For Students' below.
  2. Complete a 'Request for VET Student Loan' form, which is available from Minerva College after submitting your enrolment application.
  3. Learners under 18 must complete a hard copy of the 'Request VET Student Loan' and have the signed parental consent section completed.

 

CREDIT / PERSONAL LOAN

Minerva College can assist students who require financial credit or personal loans through our financial services partner Australian Finance Aggregation

With this option, after addressing certain eligibility criteria, you may be eligible for a personal loan from a financial institution, which must be paid back in line with that institution’s specific terms and conditions, but which will enable you to pay for your course upfront without having to apply for government assistance.

If you would like to investigate your eligibility for credit, you simply need to go to this link and fill out the online form: Apply For Credit.

 

DEBIT SUCCESS

Spread the cost of your tuition

Minerva College is pleased to announce that there is now an option to pay tuition fees through a Tuition Payment Plan (TPP) managed by a third party, Debitsuccess Pty Ltd – one of the largest direct debit providers in Australia.

From 1st July 2018, if you are enrolling in an eligible Vocational Education and Training (VET) course at Minerva College and you meet certain eligibility requirements, a TPP may be available to you.

Under a TPP, you authorise Debitsuccess to automatically debit tuition fees from your bank account or credit card on a weekly or fortnightly basis over a set period of time.

What is a Tuition Payment Plan?

A Tuition Payment Plan or TPP is a contract that allows you to pay your tuition by direct debit on either a weekly or fortnightly basis.

A TPP is a legally binding contract. If you enter a TPP you will be bound by the terms and conditions set out in that contract.

It is important to realise that Debitsuccess is managing the contract and any communication should be directly with Debitsuccess, as set out in the contract. However, Minerva College may assist you to lodge the documents necessary to enter a TPP or approve the cancellation of a TPP in the ‘cooling off’ period.

Minerva College has set out some general information below to help you work out if you are eligible for a TPP, and some of the key features of a TPP.

Am I eligible for a Tuition Payment Plan (Debitsuccess)?

You are able to apply for a Tuition Payment Plan (TPP) if you meet the criteria below:

  • Your Minerva College course tuition fees are over $150
  • You are enrolling in a Diploma course and are NOT eligible for a VET Student Loan
  • You are NOT enrolling in a Higher Education course
  • You are NOT enrolling in a Fee for Service Short Course

What can I pay for with a TPP?

  • You can use a TPP to pay up to 100 per cent of your Tuition fee or out-of-pocket fee portion

What are the costs?

The exact costs and fees and charges of your TPP will be set out in your contract, including your tuition and instalment amount. Examples of fees and charges that apply under the contract include:

  • A one-off administration fee of $12 (payable with your first instalment)
  • 4%* billing fee (based on amount of TPP)
  • A reversal fee of $14.95 for each failed direct debit

If you enter a TPP and you default on any of your obligations, under the contract additional fees will apply, such as fees or costs related to debt collection, and Debitsuccess may choose to terminate the contract. Please see below for further details.

How is my TPP calculated?

Indicative Example:

Tuition fee

$1000.00

 

Billing fee

$44.00

 

TOTAL

$1044.00

The total is divided into equal instalments, payable weekly/fortnightly.

PLUS one-off Admin fee
(non-refundable and added to first instalment)

$10.00

 

$1054.00

Important things to know

  • You must have your bank account or credit card details with you when applying for the TPP
  • If you are under 18 when applying for a TPP, the Debitsuccess contract MUST be counter-signed by a parent or guardian PLUS a guarantor form must be completed by the parent or guardian.
  • If you are not using your own bank account or credit card when applying for a TPP, the bank account/credit card holder must attend with you at time of enrolment to complete and sign a Direct Debit Request form
  • All fees must be paid within the first 12 months of your enrolment
  • Unless and until all instalments and fees have been paid in full under your TPP contract, your Statement of Attainment, Record of Results and Qualification/Testamur will be withheld until final payment is received
  • You can terminate the TPP contract before expiry if all the instalments and fees due up to the date of termination are paid

TIP: Under a TPP contract, it is your responsibility to ensure that on the due date clear funds are available in your nominated account to meet the direct debit payment. To avoid possible late payment fees we recommend you arrange the TPP debit from your bank account the day after you are paid or when you expect funds to be deposited to your account.

Problems with making payments?

If you are unable to make payments on time, please contact Debitsuccess directly at least three (3) days prior to direct debit date, by 
phone: 1800 148 848, or
email: customerservice@debitsuccess.com

Additionally, please contact Debitsuccess, if you:

  • need to make any changes to your payment method
  • wish to extend or rearrange your TPP agreement
  • want to ask a question about a payment which has been taken
  • need to request a deferral or suspension from payments (for example, arrange for 1-6 weeks payment free)

It is important to understand that your TPP arrangement with Debitsuccess is a legal and binding contact. 
View Debitsuccess terms and conditions

What happens if I miss a TPP payment?

  1. If you miss a TPP payment you can:
    • bring your account up-to-date by contacting Debitsuccess to make a payment OR
    • Debitsuccess may debit both the current and overdue payment (and any associated fees or costs) on your next schedule payment date
    • NOTE: a $14.95 reversal fee will apply in either case
  2. If you miss 3 consecutive TPP payments and your TPP stays in arrears Minerva College will suspend or deny you access to:
    • academic and administrative services
    • Statement of Attainment, Record of Results and Qualification/Testamur
    • access to Minerva College systems and facilities
    • the right to enrol in another Minerva College course
    • NOTE:when you bring your account back up-to-date it will take a minimum of three (3) working days to reactivate your access to the above systems, facilities and services.
  3. If you enter into a TPP and you continue to remain in default, you will be referred to debt collection and additional fees will apply, such as:
    • an outstanding debt fee of $50; plus
    • an amount equal to 25% of the full outstanding balance in accordance with the contract