Will “Eligibility Consultant” be Replaced By Robots? 🤔
Unknown Chance of Automation
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Job Description
Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
Job Details
- The SOC (Standard Occupational Classification) code is 13-2071.01
☝️ Information based on the reference occupation “Loan Counselors”.
Also Known As…
- Loan Counselors
- Peer Financial Counselor
- Loan Counselor
- Financial Counselor
- Financial Assistance Advisor
- Financial Aid Officer
- Financial Aid Director
- Financial Aid Counselor
- Financial Aid Advisor
- Financial Aid Administrator
- Commercial Lending Vice President
- Loan Consultant
- Financial Assistance Specialist
- Financial Aid Coordinator
- Farm Mortgage Agent
Tasks for “Eligibility Consultant”
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
- Advise students on available financial-aid awards.
- Provide entrance or exit loan counseling to students.
- Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
- Interview applicants and request specified information for loan applications.
- Inform individuals and groups about the financial assistance available to college or university students.
- Refer loans to loan committees for approval.
- Locate debtors using post office directories, utility services account listings, or mailing lists.
- Open accounts for clients and disburse funds from clients' accounts to creditors.
- Review accounts to determine write-offs for collection agencies.
- Maintain and review account records, updating and recategorizing them according to status changes.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Confer with underwriters to resolve mortgage application problems.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Supervise loan personnel.
- Check loan agreements to ensure that they are complete and accurate, according to policies.
- Compare data on student aid applications with eligibility requirements of assistance programs.
- Review billing for accuracy.
- Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Approve loans within specified limits.
- Maintain current knowledge of credit regulations.
- Submit applications to credit analysts for verification and recommendation.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
- Authorize or sign mail collection letters.
Related Technology & Tools
- Personal computers
- Autodialers
- Desktop computers
- 10-key calculators
- Notebook computers
- Student information systems SIS
- Microsoft Word
- EDExpress
- Sungard Higher Education PowerFAIDS
- Microsoft Office
- Datatel Colleague
- Data entry software
- Microsoft Access
- Financial aid management system FAM
- Web browser software
- Microsoft Internet Explorer
- Microsoft Excel
- Microsoft Outlook
- Microsoft PowerPoint
- EMT Applications CounselorMax
- ELM Resources ELM
- SunGard Higher Education Banner Financial Aid
- Oracle PeopleSoft
- SAP