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