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…
- Loan Counselors
- Peer Financial Counselor
- Loan Counselor
- Financial Counselor
- Financial Aid Officer
- Financial Aid Director
- Financial Aid Counselor
- Financial Aid Advisor
- Financial Aid Administrator
- Commercial Lending Vice President
- Loan Consultant
- Financial Assistance Specialist
- Financial Assistance Advisor
- Financial Aid Coordinator
- Farm Mortgage Agent
- Eligibility Consultant
Tasks for “Financial Assistance Advisor”
- Compare data on student aid applications with eligibility requirements of assistance programs.
- Advise students on available financial-aid awards.
- Confer with underwriters to resolve mortgage application problems.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Review billing for accuracy.
- 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.
- Inform individuals and groups about the financial assistance available to college or university students.
- Authorize or sign mail collection letters.
- Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
- Submit applications to credit analysts for verification and recommendation.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Check loan agreements to ensure that they are complete and accurate, according to policies.
- Approve loans within specified limits.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- 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.
- 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.
- Supervise loan personnel.
- Provide entrance or exit loan counseling to students.
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- 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.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Review accounts to determine write-offs for collection agencies.
- Interview applicants and request specified information for loan applications.
- Maintain and review account records, updating and recategorizing them according to status changes.
Related Technology & Tools
- Autodialers
- Personal computers
- Notebook computers
- Desktop computers
- 10-key calculators
- Financial aid management system FAM
- Web browser software
- ELM Resources ELM
- Microsoft Word
- Sungard Higher Education PowerFAIDS
- Microsoft Access
- Datatel Colleague
- Microsoft Internet Explorer
- EDExpress
- Student information systems SIS
- Data entry software
- SAP
- Microsoft Excel
- EMT Applications CounselorMax
- Microsoft Outlook
- SunGard Higher Education Banner Financial Aid
- Oracle PeopleSoft
- Microsoft Office
- Microsoft PowerPoint