Will “Financial Aid Administrator” 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
- Commercial Lending Vice President
- Loan Consultant
- Financial Assistance Specialist
- Financial Aid Coordinator
- Financial Aid Administrator
- Farm Mortgage Agent
- Eligibility Consultant
Tasks for “Financial Aid Administrator”
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- Interview applicants and request specified information for loan applications.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Review billing for accuracy.
- Refer loans to loan committees for approval.
- Open accounts for clients and disburse funds from clients' accounts to creditors.
- Provide entrance or exit loan counseling to students.
- Review accounts to determine write-offs for collection agencies.
- 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.
- Maintain and review account records, updating and recategorizing them according to status changes.
- Maintain current knowledge of credit regulations.
- Check loan agreements to ensure that they are complete and accurate, according to policies.
- Supervise loan personnel.
- Submit applications to credit analysts for verification and recommendation.
- Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
- Advise students on available financial-aid awards.
- Confer with underwriters to resolve mortgage application problems.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
- 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.
- 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.
- Authorize or sign mail collection letters.
- Approve loans within specified limits.
- 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.
Related Technology & Tools
- Autodialers
- Personal computers
- Notebook computers
- Desktop computers
- 10-key calculators
- Student information systems SIS
- EDExpress
- ELM Resources ELM
- Microsoft Access
- Datatel Colleague
- Web browser software
- Microsoft Word
- EMT Applications CounselorMax
- Data entry software
- SAP
- Oracle PeopleSoft
- Microsoft PowerPoint
- Microsoft Excel
- Microsoft Outlook
- SunGard Higher Education Banner Financial Aid
- Microsoft Internet Explorer
- Financial aid management system FAM
- Microsoft Office
- Sungard Higher Education PowerFAIDS