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