VET Student Loans Act 2016
View history note
Hide history noteA 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.
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