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