You have the flexibility to decide how much you receive from a Trade Support Loan, up to a specified lifetime limit, making it adaptable to your individual needs during your apprenticeship.
Understanding Your Loan Amount Flexibility
A Trade Support Loan is designed to provide financial assistance that you can tailor to your circumstances. Unlike fixed grants, you control the amount you borrow.
- You have the option to borrow a small amount to cover specific short-term needs over just a few months.
- Alternatively, you can choose to receive regular payments spread out over the four years of your apprenticeship, providing consistent support throughout your training.
Maximum Lifetime Loan Limit
While you decide how much you borrow, there is a maximum total amount that you can receive over the entire duration of your apprenticeship. This is known as the lifetime limit.
For the 2023-24 financial year, the maximum lifetime amount you could borrow is:
| Financial Year | Maximum Lifetime Loan Amount |
|---|---|
| 2023-2024 | $24,492 |
This maximum amount is indexed annually, meaning it may be adjusted for future financial years.
For comprehensive information regarding Trade Support Loans, including eligibility and repayment details, you can refer to the official Apprenticeships website.
