This is just how I see it, cannot confirm it is true however. There doesn't appear to be any personal cash going into this program.
VET FEE-HELP is another government loan HELP program such as HECS and FEE-HELP. FEE-HELP is for Commonwealth Supported Places (CSP) and has a lifetime limit and is separate from HECS. VET FEE-HELP is similar. It provides assistance for payments of Diplomas and Graduate Certificates.
The VET FEE-HELP pays for the vast majority of the cadetship (Post-PPL). Virgin pay for pre-PPL flying, so GFPT as well as accommodation I believe. Then whilst you are bonded for 3 years on the ATR with 15% less remuneration you pay back Virgin. The 15% portion is your payment back to Virgin. So you will have paid your debt to Virgin back in those 3 years.
- VET FEE-HELP - $74,000
- Virgin Australia - All costs up to PPL plus accommodation etc.
- 3 years on a Skywest contract with Virgin Australia, gain 1,500hours experience and earn 15% less (Assuming to pay back the debt to Virgin)
- 4th year can move to Virgin mainline, debt free apart from the VET FEE-HELP which is paid back similarly to HECS.
Also, just because I'm keen to apply and I can't apply this year, doesn't mean I think it's the end of the world. I'll apply next year. I'm going to happily go to Uni and then happily leave if I manage to get into the cadetship next year. Being able to get into a cadetship before I apply for HECS loans would be financially beneficial as it would obviously save me from paying $30,000 on Uni debts, or at least a years worth once I earn above the pay threshold.
VET FEE-HELP - Study Assist
P.S. The 15% less pay may be beneficial as I think it will put cadets under the threshold to start making repayments on their loan. Can't remember what ATR FO's earned however...