Document ID: chunk:federal_register_of_legislation:C2018A00116:clause:1_23ba
Version: federal_register_of_legislation:C2018A00116
Segment Type: clause
Provision Reference: sch 1 cl 23BA
Character Range: 13811–14667

23BA  VETSL debt
 (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.
 (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.
 (3) A VETSL debt is incurred on the day that the Secretary pays the loan amount.
 (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 FEE‑HELP balance is re‑credited under Part 6 in relation to the loan amount.