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