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