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