The number of apprentices accessing Trade Support Loans has doubled in the past year, with over 40,000 applications received nationwide.
Federal Member for Forde, Bert van Manen MP said he was proud to announce his electorate of Forde had one of the largest uptake of participants in Australia, with the programme supporting 666 local apprentices.
“Trade Support Loans give apprentices the support they need to focus on completing their apprenticeship without worrying about how to pay for up-front costs,” Mr van Manen said.
“I encourage local apprentices in need of a helping hand to apply for a Trade Support Loan.
“It is a fantastic initiative and more information on the assistance for apprentices is available through my office.”
Minister for Vocational Education and Skills Senator the Hon Scott Ryan, said the large number of applications showed the programme was supporting and encouraging Australians to take up and complete an apprenticeship.
“The Government’s Trade Support Loan programme gives apprentices the flexibility to start an apprenticeship without having to worry about the up-front costs,” Minister Ryan said.
“This programme ensures apprentices get access to income-contingent loans similar to those provided to tertiary students.
“The Trade Support Loan programme is vital for over 40,000 Australians undertaking an apprenticeship.
“It is an important commitment by the Coalition Government to ensure apprenticeships are equally valued as a choice for those seeking further education or training.
Minister Ryan said Trade Support loans not only helped attract apprentices to learn a trade, they also encouraged a higher completion rate.
“The Trade Support Loans incentivise the completion of apprenticeships with a 20 per cent discount on the total loan amount upon completion.”
The Trade Support Loans programme offers loans of up to $20,000 to help apprentices cover day-to-day expenses associated with living, learning and completing an apprenticeship.
Apprentices who access a loan are not required to repay it until they are earning a sustainable income which is currently set at $54,126.
The objective of the programme is to encourage and assist apprentices to complete their training in key sectors of the economy where there are real skill shortages.
Find out more at: www.australianapprenticeships.gov.au/publications/trade-support-loans