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