AUSTRALIA’S first ever student loan is on the verge of being repaid, with the first batch of graduates now receiving their first ever loans.
Key points:The students will receive $1.5 million in total from the Australian Traffic Schools’ website to help pay for their educationThe students are eligible for a range of other grants and loans including those for living expenses, healthcare and the cost of livingIn a bid to encourage students to get a degree, the Australian Taxation Office (ATO) has given students a first crack at paying off their first loans.
The student loans are worth $1,100 a week for the first four years and then $1 per week over the next four years, with each additional year increasing the amount of the payment.
“We are pleased to announce that more than 60 students will be receiving loans from the ATO,” said ATS chief executive Peter Taylor.
“It is an outstanding opportunity to support Australian students in their pursuit of their education and a great way for our students to start their lives in the workforce.”
The Australian Traffic College is located in Victoria and has trained over 1,400 students since it opened in 2011.
It has been able to help students with their debts, pay for childcare and even get a job through a work placement.
“Our aim is to help people start their careers and get on their feet and get a foot on the property ladder,” said Taylor.
Students from the ACC are expected to have received their first loan payment in the coming weeks.
“This will be an exciting and rewarding time for many students,” said Tanya McEwen, chief executive of the ACC.
“The opportunity to start a career is something that many people dream of.”
For some, it’s the start of a new life or a new start in a new city or a whole new life.
“To help students achieve their aspirations, we are looking to help them achieve their dreams by providing the funding they need to make the best use of their time and talents.”
The students, who have been working in the ACC’s Perth office since June, have also been given the opportunity to apply for an extra year of work placements.