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