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