Will “Loan Counselors” be Replaced By Robots? 🤔
Unknown Chance of Automation
Sadly, the research paper did not provide any information about this occupation. Maybe have a look at our directory?
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
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”
- Maintain and review account records, updating and recategorizing them according to status changes.
- Maintain current knowledge of credit regulations.
- Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
- Review billing for accuracy.
- Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
- Locate debtors using post office directories, utility services account listings, or mailing lists.
- Review accounts to determine write-offs for collection agencies.
- Check loan agreements to ensure that they are complete and accurate, according to policies.
- Open accounts for clients and disburse funds from clients' accounts to creditors.
- Supervise loan personnel.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
- Inform individuals and groups about the financial assistance available to college or university students.
- Confer with underwriters to resolve mortgage application problems.
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Interview applicants and request specified information for loan applications.
- Approve loans within specified limits.
- Compare data on student aid applications with eligibility requirements of assistance programs.
- Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
- Submit applications to credit analysts for verification and recommendation.
- Advise students on available financial-aid awards.
- 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.
- Authorize or sign mail collection letters.
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
Related Technology & Tools
- Desktop computers
- 10-key calculators
- Notebook computers
- Autodialers
- Personal computers
- Financial aid management system FAM
- EDExpress
- ELM Resources ELM
- Microsoft Word
- EMT Applications CounselorMax
- Microsoft Excel
- Student information systems SIS
- Microsoft Access
- Oracle PeopleSoft
- SAP
- Sungard Higher Education PowerFAIDS
- Microsoft PowerPoint
- Microsoft Outlook
- Microsoft Internet Explorer
- Web browser software
- Microsoft Office
- SunGard Higher Education Banner Financial Aid
- Datatel Colleague
- Data entry software