Will “Financial Aid Officer” 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 Director
- Financial Aid Counselor
- Financial Aid Advisor
- Financial Aid Administrator
- Commercial Lending Vice President
- Loan Consultant
- Financial Assistance Specialist
- Financial Aid Officer
- Financial Aid Coordinator
- Farm Mortgage Agent
- Eligibility Consultant
Tasks for “Financial Aid Officer”
- Provide entrance or exit loan counseling to students.
- Open accounts for clients and disburse funds from clients' accounts to creditors.
- Check loan agreements to ensure that they are complete and accurate, according to policies.
- Review billing for accuracy.
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- Confer with underwriters to resolve mortgage application problems.
- Compare data on student aid applications with eligibility requirements of assistance programs.
- Interview applicants and request specified information for loan applications.
- Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
- Maintain and review account records, updating and recategorizing them according to status changes.
- 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.
- Inform individuals and groups about the financial assistance available to college or university students.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Submit applications to credit analysts for verification and recommendation.
- Approve loans within specified limits.
- Refer loans to loan committees for approval.
- Authorize or sign mail collection letters.
- Review accounts to determine write-offs for collection agencies.
- Locate debtors using post office directories, utility services account listings, or mailing lists.
- Advise students on available financial-aid awards.
- Maintain current knowledge of credit regulations.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Supervise loan personnel.
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
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