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