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