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