Lake Superior State University
Lake Superior State University
 
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FLSA Designation
EXEMPT
Date Issued: 2006-08-02
Department:
Financial Aid
Title: Financial Aid Loan Officer
 
Function and Responsibility
Under the administrative supervision of the Director of Financial Aid to assist in the implementation of financial aid policies and procedures and provide financial aid information to the university community and prospective and current students.

 
Duties and Responsibilities
Act as an advisor in the Office of Financial Aid, counseling students and parents about financial aid and financing options. Travel as needed to provide financial aid expertise to prospective students. Conduct entrance and exit counseling sessions for current students. Participate in high school visits, college night programs and regional center outreach programs. Reply to student inquiries via web and general correspondence and office calls and visits.

Responsible for student files review, need analysis, verification, awarding and adjusting of aid through manual and automatic packaging method. Responsible for the accurate reporting of federal and state programs as assigned by the director.

Determine student loan eligibility, authorize and post student loan funds to student accounts, reconcile and refund disbursements to appropriate lenders/servicers/guaranty agency. Advise students, parents, staff, lenders, servicers and guaranty agency personnel on all student loan issues as well as general financial aid issues. Keep up to date on current Federal Regulations and trends in the student and parent loan programs. Responsible for maintaining the accuracy and integrity of student and parent loans programs at LSSU.
X Provide staff, students, and parents with information regarding the availability of federal student loans/alternative loans and the eligibility requirements.
X Advise students regarding Satisfactory Academic Progress, Withdrawals, Loan Disbursements and aid opportunities.
X Serve as a liaison between students/parents and lenders/loan service providers/guaranty agencies, helping to resolve questions and issues.
X Follow-up with the direct loan program servicer, students, parents, lenders, other loan servicers, and guaranty agencies regarding loan program requirements.
X Update loan information on the LSSU web site to make sure it contains the most current cost of attendance and federal regulations.
X Determine a students eligibility for federal loans, alternative loans and PLUS loans, taking into consideration the students credits, GPA, prior loan, academic counselor evaluation, and financial need information. Calculate loan eligibility based on budget, EFC and other aid received. Authorize and certify student loan amounts.
X Verify the student has submitted the necessary Master Promissory Note and has performed the required Entrance and Exit Counseling regarding loan responsibilities.
X Coordinate the disbursement of student loan funds with loan service provider/guaranty agency and the Accounts Receivable Office. Verify student eligibility and authorize disbursement or return of funds.
X Reconcile funds received with the amounts disbursed and returned.
X Monitor student eligibility throughout the academic year and reduce loan awards and disbursements when students do not achieve satisfactory academic progress or maintain the minimum credit load. Refund disbursements to the appropriate lender/service provider/guaranty agency when appropriate.
X Enter outside scholarships as they are received into BANNER
o Receive and forward outside scholarship checks to the Business Office
o Enter scholarships according to the guidelines set by the donor into BANNER
o Report to Cashiers any eligible students for credit to account or refund
X Maintain a record of student loan applications, adjustments, disbursements, and withdrawal information, as well as all correspondence with students.
X Update and create all loan correspondence.
X Determine loan period dates and disbursement dates for Federal Student Loans, PLUS Loans and Alternative Loans.
X Maintain loan period, lender, budget and school calendar information in the appropriate databases (e.g. Banner, Scholarnet, and/or Return to Title IV).
X Monitor the loan default and delinquent lists, received from loan guaranty and servicing agencies to ensure that students who are in default are not awarded additional financial aid. Send delinquent notices.
X Review Overaward report and make adjustments to student accounts.
X Provide direction to student assistants on day-to-day activities as well as on special projects.
X Maintain current knowledge of Federal Regulations and trends in the Federal Loan program by reviewing Federal Regulations in the Federal Student Aid Financial Aid Handbook and maintaining a relationship with lenders, loan service providers, and guaranty agencies as well as attending conferences for loan administrators and coordinators.
X Research and network with vendors to identify new loan products that benefit students and LSSU.
X Responsible for implementation of new loan products such as on-line Master Promissory Notes, on-line PLUS loans, and alternative loans.

In the absence of the Director, be responsible for the operation of the office and perform other duties as assigned.
 
Qualifications
Good working knowledge of student aid programs, related regulations and federal need analysis system required. Strong verbal/written interpersonal communication skills required.

Familiarity with computer systems (SCT experience preferred) and data entry skills required. Good analytical and math skills required. Bachelors degree and minimum of two years experience in financial aid preferred.
 
Physical and Mental Demands
skills to perform supervisory and organizational duties; use of fine motor skills to operate computer; problem solving ability; ability to understand and work with numbers; ability to see, hear, and speak with or without the use of aids to perform normal office tasks and to represent the University in promotional and recruiting activities.

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