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