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