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