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