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