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