Will “Financial Assistance Advisor” 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…

Tasks for “Financial Assistance Advisor”

Approve loans within specified limits.
Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
Provide entrance or exit loan counseling to students.
Interview applicants and request specified information for loan applications.
Supervise loan personnel.
Maintain and review account records, updating and recategorizing them according to status changes.
Authorize or sign mail collection letters.
Review accounts to determine write-offs for collection agencies.
Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
Review billing for accuracy.
Advise students on available financial-aid awards.
Inform individuals and groups about the financial assistance available to college or university students.
Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
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.
Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
Analyze potential loan markets to find opportunities to promote loans and financial services.
Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
Maintain current knowledge of credit regulations.
Refer loans to loan committees for approval.
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.
Check loan agreements to ensure that they are complete and accurate, according to policies.
Open accounts for clients and disburse funds from clients' accounts to creditors.
Submit applications to credit analysts for verification and recommendation.
Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
Confer with underwriters to resolve mortgage application problems.

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