New Government Loan Available to Apprentices
March 3, 2016New Government Loan Available to Apprentices
In an attempt to better support apprentices in completing their trade commencements, the Australian government has introduced a new incentive called the Trade Support Loan (TSL).
The need for this assistance became clear when research found that the number of trainees starting a placement far outweighed the completion figures.
Trade Support Loans can be granted to eligible applicants in instalments totalling up to $20,000 as an income contingent loan over the course of an Australian Apprenticeship. These loans are intended to assist with everyday costs incurred during an apprenticeship and paid according to the candidate’s needs.
The total sum of the loan will eventually be paid back upon completion of the apprenticeship via the individual’s tax, similar to a HELP debt when they reach the same thresholds.
If you would like further information about the Trade Support Loan, please visit:
Source: Australian Apprenticeships
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