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