Promising signs of success for VET Student Loans
- Assistant Minister for Vocational Education and Skills
The Turnbull Government’s VET Student Loans (VSL) program is already showing signs of better outcomes for students undertaking vocational education and training after six months in operation.
Assistant Minister for Vocational Education and Skills, Karen Andrews, said the VET Student Loans Six Monthly Report, released today, showed promising early results as the sector transitions from the failed VET-FEE-HELP scheme.
“The unit completion rate for VSL-assisted students has increased almost 10 per cent to 75.2 per cent for the first six months of 2017 under our new program,” Minister Andrews said.
"Lifting the completion rates of students engaged in VET was a key goal of the Government's new VSL program.
This first report shows some positive early signs that our reforms are working, underscoring the importance of only approving loans for high-quality providers".
Over the six month reporting period, a total of 24,492 students had a VET Student Loan approved, with $78 million paid to approved course providers.
The report, which does not include grandfathered loans under VET-FEE-HELP, also shows the Diploma of Nursing has become the highest ranking course in terms of the number of students with approved loans and the value of loans paid.
“I look forward to seeing further improvement in these figures as the transition to VSL continues,” Minister Andrews said.
“Our reforms will help more Australians get the skills and the jobs they need to succeed, in an affordable and sustainable way that puts students first.”
Since July, only fully-approved providers are allowed to offer VET Student Loans, with the Government introducing student progression measures and the VET Student Loans Ombudsman.
The VET Student Loans Six-monthly Report can be found here: https://www.education.gov.au/vet-student-loans