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