New figures confirm a significantly higher percentage of students are successfully completing units of study under the Coalition Government’s VET Student Loans (VSL) program, than they were under Labor’s failed VET FEE‑HELP scheme.
Assistant Minister for Vocational Education and Skills Karen Andrews said the second VET Student Loans Six Monthly report, released today, showed more positive signs from the VSL program following the sector’s transition from the disastrous VET FEE-HELP.
“The unit completion rate for VSL-assisted students has increased more than 6 percentage points to 81.4 per cent for the second half of 2017, compared with the rate achieved in the transition period of the first six months,” Minister Andrews said.
“Just one year into the program, the unit completion rate for these students is more than 16 percentage points higher than the rate achieved under the VET FEE-HELP scheme in 2016.
“These results show the Government’s success in ensuring dodgy providers that try to take advantage of students are excluded from the VET Student Loans program.”
Over the course of the reporting period, a total of 35,197 students had a VET Student Loan approved compared with 24,492 students in the first half of 2017.
Loans paid for eligible courses rose to $114 million in the second half of 2017, up from $78 million paid in the first six months.
The Diploma of Nursing continues to be the highest ranking course in terms of course enrolments and value of loans paid, consistent with the first half of 2017.
“VSL is already producing promising results and I look forward to seeing that success continue as the program grows,” Minister Andrews said.
“Our reforms are helping 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 have been allowed to offer a VET Student Loan, with the Australian Government having introduced student progression measures and the VET Student Loans Ombudsman.