This occupation is part of Business and Financial Operations
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About the Job
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.
It is also Called
- Peer Financial Counselor
- Loan Counselor
- Loan Consultant
- Financial Counselor
- Financial Assistance Specialist
- Financial Assistance Advisor
- Financial Aid Officer
- Financial Aid Director
- Financial Aid Counselor
- Financial Aid Coordinator
What They Do
- Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
- Locate debtors using post office directories, utility services account listings, or mailing lists.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Open accounts for clients and disburse funds from clients' accounts to creditors.
- Refer loans to loan committees for approval.
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
- Maintain and review account records, updating and recategorizing them according to status changes.
- Provide entrance or exit loan counseling to students.
- Review accounts to determine write-offs for collection agencies.
- Authorize or sign mail collection letters.
Interests
People who work in this occupation generally have the interest code: ESC.
This means people who work in this occupation generally have Enterprising interests, but also prefer Social and Conventional environments.
Work Values
People who work in this occupation generally prize Relationships, but also value Achievement and Independence in their jobs.
Things They Need to Know
- Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
Things They Need to Be Able to Do
- Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
- Speaking - Talking to others to convey information effectively.
- Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
- Writing - Communicating effectively in writing as appropriate for the needs of the audience.
- Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
- Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
Education Required
Most of these occupations require a four-year bachelor's degree, but some do not.
Wages
In 2017, the average annual wage in Pennsylvania was $55,820 with most people making between $34,590 and $81,170
Outlook
During 2014, this occupation employed approximately 1,290 people in Pennsylvania. It is projected that there will be 1,390 employed in 2024.
This occupation will have about 10 openings due to growth and about 20 replacement openings for approximately 30 total annual openings.
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