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