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