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