Hasselhof has the fact straight.
I may or may not work with the customer service centre for DEEWR (was DEST). This legislation was drafted by the Howard Govt last year and was put into parliment prior to the changeover. It is still going through as it was supported by both sides, expect May but it depends on what else goes before the Senate.
VET FEE-Help is aimed at RTOs (Registered Training Orginasitions) that are running Diploma and above courses (can you say integrated CPL courses?).
It provides for UP TO $80,000 in funding to the institution to be paid back by the student once employeed and earning over $xx (I don't have those figures to hand but they're the same payback rates as HECS used to be and FEE-HELP is now).
I see a lot of 150hr CPL couses turning into $80,000 govt. financed propositions.
Personally, I think it's good. It's not a free ride, it's a manner in which a student can get a loan they would have had to work their balls off for in the past while also trying to complete their education.
N.b. While interest free, it is indexed to CPI.
Flog.