VET Student Loans Act 2016

PART 3A - VETSL DEBTS  

Division 2 - VETSL debts  

SECTION 23BA   VETSL DEBT  

23BA(1)    
A person incurs a debt to the Commonwealth if the Secretary:

(a) approves a VET student loan for the person; and

(b) uses a loan amount covered by the VET student loan to pay tuition fees for the person for a course.

The debt is a VETSL debt .

23BA(2)    
The amount of the VETSL debt is:

(a) 120 % of the loan amount; or

(b) if the rules specify a lesser percentage of the loan amount for the person - that lesser percentage of the loan amount.

Note:

For specification by class, see subsection 13(3) of the Legislation Act 2003 .

23BA(3)    
A VETSL debt is incurred on the day that the Secretary pays the loan amount.

23BA(4)    

A person ' s VETSL debt, in relation to a loan amount used to pay tuition fees for the person for a course, is taken to be remitted if the person ' s HELP balance is re-credited under Division 2 or 3 of Part 6 in relation to the loan amount.