A significantly higher percentage of students are successfully completing units of study under the Australian Government’s VET Student Loans (VSL) program, than under the failed VET FEE‑HELP (VFH) scheme.
Assistant Minister for Vocational Education and Skills, Karen Andrews, said the VFH and VSL annual statistical reports for 2017, released today, showed more positive signs as the sector transitions from VFH.
“The unit completion rate of 82.4 per cent for VSL-assisted students is more than 17 percentage points higher, just one year into the program, than the rate achieved under the VFH scheme in 2016.”
“This increase is even more significant when you take into account the fact that the 2017 VFH unit completion rate had improved 6.2 percentage points on the 2016 rate.
“As well, the unit completion rate for VSL-assisted students is 10.9 percentage points higher than the rate for VFH in 2017,” Minister Andrews said.
“The Government designed the VET Student Loans program excludes those providers who were trying to take advantage of students, and these results demonstrate the Government is achieving that aim.”
In 2017, a total of 42,220 students had a VET Student Loan approved and more than $200 million of VSL loans were paid.
The highest ranking course in terms of course enrolments and value of loans paid was the Diploma of Nursing.
“VSL is producing great results and I look forward to seeing that success continue as the program grows,” Minister Andrews said.
“Our reforms put students first and help more Australians get the skills and the jobs they need to succeed, in an affordable and sustainable way.”
Source: Australian Government