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.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Provide entrance or exit loan counseling to students.
- Maintain and review account records, updating and recategorizing them according to status changes.
- Refer loans to loan committees for approval.
- Submit applications to credit analysts for verification and recommendation.
- Supervise loan personnel.
- Confer with underwriters to resolve mortgage application problems.
- 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.
- Review billing for accuracy.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Approve loans within specified limits.
- Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
- Locate debtors using post office directories, utility services account listings, or mailing lists.
- Inform individuals and groups about the financial assistance available to college or university students.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Check loan agreements to ensure that they are complete and accurate, according to policies.
- Advise students on available financial-aid awards.
- Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
- Interview applicants and request specified information for loan applications.
- Open accounts for clients and disburse funds from clients' accounts to creditors.
- Authorize or sign mail collection letters.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
- Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
- Maintain current knowledge of credit regulations.
Related Technology & Tools
- 10-key calculators
- Notebook computers
- Desktop computers
- Personal computers
- Autodialers
- Web browser software
- Microsoft Word
- Sungard Higher Education PowerFAIDS
- Microsoft PowerPoint
- Microsoft Access
- Oracle PeopleSoft
- SunGard Higher Education Banner Financial Aid
- Microsoft Excel
- Datatel Colleague
- Microsoft Office
- Microsoft Outlook
- Financial aid management system FAM
- EMT Applications CounselorMax
- ELM Resources ELM
- Data entry software
- Microsoft Internet Explorer
- SAP
- EDExpress
- Student information systems SIS