Will “Financial Aid Administrator” 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
- Eligibility Consultant
Tasks for “Financial Aid Administrator”
- Review accounts to determine write-offs for collection agencies.
- Review billing for accuracy.
- Refer loans to loan committees for approval.
- Approve loans within specified limits.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Maintain and review account records, updating and recategorizing them according to status changes.
- Locate debtors using post office directories, utility services account listings, or mailing lists.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
- Submit applications to credit analysts for verification and recommendation.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Provide entrance or exit loan counseling to students.
- Interview applicants and request specified information for loan applications.
- Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
- Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
- Supervise loan personnel.
- Confer with underwriters to resolve mortgage application problems.
- Authorize or sign mail collection letters.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- Check loan agreements to ensure that they are complete and accurate, according to policies.
- Advise students on available financial-aid awards.
- Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
- Inform individuals and groups about the financial assistance available to college or university students.
- Compare data on student aid applications with eligibility requirements of assistance programs.
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
- Maintain current knowledge of credit regulations.
- Open accounts for clients and disburse funds from clients' accounts to creditors.
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