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A 5-Step Guide to becoming a VET Student Loans Provider

June 23, 2020

VET Student Loans are important to many students who need financial assistance to pursue their career in the VET industry through education and training. If you’re an RTO who doesn’t offer VSLs right now but want to, here’s a breakdown on how to become a VSL provider.

Let’s get the basics out of the way

First, let’s check that your business is eligible to become a VSL provider.

  • Your business must operate in and have central management controlled in Australia
  • You must be a body corporate that is not a trustee under the VET Student Loans Act 2016
  • You must prove you are a viable business. You will be assessed on your financial performance
  • Your organisation must show it meets the suitability requirements
  • You must offer at least one of the courses approved for VET student loans

Application for VSLs

The Department of Education, Skills and Employment has extended the deadline for VSL applications to the 30th June 2020. To apply, fill out this form to receive an application package.

What courses do you have to offer to be eligible?

You must offer at least one of the courses approved for VET student loans. There’s a long list of courses to check from, but don’t worry—it’s in alphabetical order so you’ll know if you provide at least one of these courses faster than you can say ‘VET Student Loans’. This document also provides maximum loan amount information.

MySkills also has a great list of courses approved for VSLs.

Be Prepared for the Application Fee

All applications have a fee of $5,110 to assist with the recovery of costs associated with processing and assessing applications.

After your RTO’s VET Student Loans Approval

Approval doesn’t mean your RTO’s VSL journey stops here. Every month your RTO will need to report student course enrolments, completions, student demographics, loans and tuition fees. Read more here.

This process can seem overwhelming, but the good news is aXcelerate offers a VET Student Loans feature to help increase your VSL compliance efficiency and productivity. With aXcelerate, you can stay VSL-compliant, manage students and courses, and even handle finances and assessments all within the one system.

Read more about VSLs:

https://www.education.gov.au/education-providers/become-vet-student-loan-provider

https://www.employment.gov.au/vet-student-loans/vet-student-loans-applicants

http://www.education.gov.au/information-vet-student-loans-approved-providers

https://www.employment.gov.au/vet-student-loans

Also a CRICOS RTO? See your essentials features here

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