Students studying approved courses at diploma level or above may be eligible to apply for a VET Student Loan
Once enrolled but prior to your first census day for your course, New York Film Academy Australia will provide you with a Statement of Covered Fees confirming that your enrolment has been accepted and the amounts of the course tuition fees that will, and will not, be covered under a VET Student Loan.
In addition to the Statement of Covered Fees, you will receive a VET Student Loan Fee Notice at least 14 days before census day that will show you the amount of tuition fees that will, and will not, be covered under a VET Student Loan for that particular fee period.
If you withdraw your enrolment on or before the census day, you will not incur the tuition fees for that fee period. This applies to fees covered by the VET Student Loan and any gap or upfront fees paid for that fee period.
After the census day has passed and you have submitted your Commonwealth Assistance Form (eCAF), New York Film Academy Australia will send you a Commonwealth Assistance Notice (CAN) that provides you with further information about your debt. If you believe your CAN is incorrect, you should contact New York Film Academy Australia immediately.
In addition, a 20 percent loan fee applies to VET Student Loans for full fee paying or fee for service students. The good news is you don’t have to pay the loan fee upfront; it will be added to your VET Student Loan.
Terms and conditions Applying for a course does not guarantee you a place in that course. Your place is only guaranteed once you enrol into units. Enrolling means that you are committing yourself to study, and to paying the associated fees.
The tuition fees and applicable charges are required to be paid at enrolment or by scheduled instalment dates either by yourself, a nominated third party (e.g. your employer), or as identified within a contract for delivery of New York Film Academy Australia training.
Enrolment and payment Once your eligibility has been confirmed, New York Film Academy Australia will assist you to enrol into your course.
A VET Student Loan is only for tuition fees and doesn’t cover additional costs such as text books, materials, or accommodation
Please note: if you enrol less than 14 days before the census day for the relevant units you may not be eligible for a VET Student Loan for those unit(s).
Your course may cost more than the VET Student Loan Cap. If so, you will need to pay the difference (referred to as a gap) between the course fees and the VET Student Loan cap prior to each census day.
If so, you will need to pay the difference (referred to as a gap) between the course fees and the VET Student Loan Cap prior to each census day
Your VET Student Loan is repaid through the Australian tax system when you reach the minimum income threshold for repayment. The minimum income threshold for repayment is set by the Australian Government each year and is published on the Study Assist Website https://paydayloan4less.com/. Repayments continue until you have repaid your entire debt.
It is important to note that your loan will remain a personal debt until it is repaid and it may reduce your take-home (after tax) wage and your borrowing capacity. You may therefore wish to seek independent financial advice before applying for a VET Student Loan.
You have up until the census day to apply for a VET Student Loan. If you do not apply by the census day, you will be liable for the tuition fees payable for that fee period.