Will “Loan Counselors” be Replaced By Robots? 🤔
Unknown Chance of Automation
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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.
- The SOC (Standard Occupational Classification) code is 13-2071.01
Also Known As…
- Peer Financial Counselor
- 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
- Loan Consultant
- Financial Assistance Specialist
- Financial Aid Coordinator
- Farm Mortgage Agent
- Eligibility Consultant
Tasks for “Loan Counselors”
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Submit applications to credit analysts for verification and recommendation.
- Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
- Review accounts to determine write-offs for collection agencies.
- Interview applicants and request specified information for loan applications.
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- Open accounts for clients and disburse funds from clients' accounts to creditors.
- Confer with underwriters to resolve mortgage application problems.
- Provide entrance or exit loan counseling to students.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Compare data on student aid applications with eligibility requirements of assistance programs.
- Check loan agreements to ensure that they are complete and accurate, according to policies.
- Review billing for accuracy.
- Locate debtors using post office directories, utility services account listings, or mailing lists.
- Authorize or sign mail collection letters.
- Supervise loan personnel.
- Advise students on available financial-aid awards.
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Approve loans within specified limits.
- Maintain current knowledge of credit regulations.
- Inform individuals and groups about the financial assistance available to college or university students.
- Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
- Refer loans to loan committees for approval.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
- Maintain and review account records, updating and recategorizing them according to status changes.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
Related Technology & Tools
- Desktop computers
- 10-key calculators
- Notebook computers
- Personal computers
- Data entry software
- Student information systems SIS
- Oracle PeopleSoft
- Microsoft Office
- SunGard Higher Education Banner Financial Aid
- EMT Applications CounselorMax
- Sungard Higher Education PowerFAIDS
- Microsoft Internet Explorer
- Financial aid management system FAM
- ELM Resources ELM
- Microsoft Outlook
- Microsoft Word
- Web browser software
- Microsoft Excel
- Microsoft PowerPoint
- Datatel Colleague
- Microsoft Access