What is the difference between VET fee-HELP and HECS?

HECS-HELP is a loan for eligible Commonwealth supported students studying at public universities (and some approved private higher education providers). FEE-HELP is a loan for eligible domestic fee paying students. These places are not subsidised by the Government and tuition fees are set by the approved providers.

What is VET fee-HELP?

VET FEE-HELP is a Government loan scheme that assists eligible students to pay their tuition fees for higher-level vocational education and training (VET) courses (at the diploma-level and above) undertaken at approved providers.

How do I find out my VET fee-HELP debt?

For a current balance on your HECS-HELP debt you can either:

1. Contact the Australian Taxation Office (ATO) on 13 28 61 or;
2. view your HELP debt online via the myGov website.
3. Commonwealth Supported students commencing in 2020 and students with an existing FEE-HELP loan can view their HELP debt online via myHELPbalance.

How do I pay VET fee-HELP?

You pay back your HELP debt through the tax system once you earn above the compulsory repayment threshold. The compulsory repayment threshold is different each year. The compulsory repayment threshold for the 2021-22 income year is $47,014. The compulsory repayment threshold for the 2020-21 income year was $46,620.

How do vets pay off debt?

The Veterinary Medicine Loan Repayment Program (VMLRP) is a federal program established in 2003 by the USDA. In exchange for three years of service in a location where there is a shortage of veterinarians, a borrower can receive up to $25,000 each year (up to three years) in loan repayment assistance.

Can you claim VET FEE-HELP tax?

If you meet one of the eligibility requirements above, you can claim a deduction for the following self-education expenses: tuition fees, including fees payable under FEE-HELP, VET Student Loan (formerly known as VET FEE-HELP) (but doesn’t include expenses paid under HECS-HELP), student services and amenities fees.

What is the fee-help limit?

$104,440
The FEE-HELP limit is the total amount you can borrow over your lifetime under the FEE-HELP and VET FEE-HELP/ VET Student Loans schemes. In 2019, the general FEE-HELP limit is $104,440 for most students (a higher limit applies for specific medicine, dentistry and veterinary science courses).

Is there interest charged on VET FEE-HELP?

There is no interest charged on HELP debts. However, after your debt is more than 11 months old it is subject to indexation which is applied on 1 June each year.

Do veterinarians get loan forgiveness?

Public Service Loan Forgiveness allows veterinarians who do qualifying public service work to have a portion of their Federal Direct Stafford Loans, PLUS Loans, or Direct Consolidation Loans forgiven.

Is HECS paid off tax deductible?

Repayments of loan amounts, such as under HECS or similar schemes, are not deductible expenses.

What is the salary of a vet technician?

Veterinary Technologists and Technicians made a median salary of $35,320 in 2019. The best-paid 25 percent made $42,540 that year, while the lowest-paid 25 percent made $29,080 . How to Become a Veterinary Technologist and Technician? Veterinary technologists and technicians earn two- or four-year degrees in veterinary technology.

What is it like to be a veterinarian?

A veterinarian or vet is a professional skilled in providing a wide range of medical care to various types of animals. While most people associate veterinarians with pet care, the fact is that vets treat a vast range of animals, ranging from common pets to livestock and even exotic wild animals.

What is an emergency vet?

An emergency vet is a veterinarian that focuses their work on veterinary emergencies. Some emergency vets work full time at an emergency clinic while, others do emergency work at their hospitals nights and weekends, and some work emergency shifts as a second job. In addition to veterinarians that focus their work on…