Will “Financial Aid Counselor” be Replaced By Robots? 🤔
Unknown Chance of Automation
Sadly, the research paper did not provide any information about this occupation. Maybe have a look at our directory?
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 Counselor”
- Review accounts to determine write-offs for collection agencies.
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- Inform individuals and groups about the financial assistance available to college or university students.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Locate debtors using post office directories, utility services account listings, or mailing lists.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Approve loans within specified limits.
- Maintain current knowledge of credit regulations.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
- Supervise loan personnel.
- Refer loans to loan committees for approval.
- Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
- 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.
- 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.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
- Authorize or sign mail collection letters.
- Review billing for accuracy.
- Provide entrance or exit loan counseling to students.
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
- Submit applications to credit analysts for verification and recommendation.
- Advise students on available financial-aid awards.
- Interview applicants and request specified information for loan applications.
- Confer with underwriters to resolve mortgage application problems.
- Open accounts for clients and disburse funds from clients' accounts to creditors.
Related Technology & Tools
- Autodialers
- Desktop computers
- 10-key calculators
- Notebook computers
- Personal computers
- Financial aid management system FAM
- Microsoft Word
- SunGard Higher Education Banner Financial Aid
- EMT Applications CounselorMax
- Student information systems SIS
- Microsoft Excel
- ELM Resources ELM
- Datatel Colleague
- SAP
- Web browser software
- Sungard Higher Education PowerFAIDS
- EDExpress
- Oracle PeopleSoft
- Microsoft Office
- Microsoft Outlook
- Data entry software
- Microsoft Access
- Microsoft PowerPoint
- Microsoft Internet Explorer