Financial Aid Loan Specialist - Division of Finance
Job location: Franklin Building
Employment Type: Full-time
Posted data: 2020-11-11
University OverviewThe University of Pennsylvania, the largest private employer in Philadelphia, is a world-renowned leader in education, research, and innovation. This historic, Ivy League school consistently ranks among the top 10 universities in the annual U.S. News & World Report survey. Penn has 12 highly-regarded schools that provide opportunities for undergraduate, graduate and continuing education, all influenced by Penn’s distinctive interdisciplinary approach to scholarship and learning.Penn offers a unique working environment within the city of Philadelphia. The University is situated on a beautiful urban campus, with easy access to a range of educational, cultural, and recreational activities. With its historical significance and landmarks, lively cultural offerings, and wide variety of atmospheres, Philadelphia is the perfect place to call home for work and play.The University offers a competitive benefits package that includes excellent healthcare and tuition benefits for employees and their families, generous retirement benefits, a wide variety of professional development opportunities, supportive work and family benefits, a wealth of health and wellness programs and resources, and much more.Posted Job TitleFinancial Aid Loan Specialist - Division of FinanceJob Profile TitleLoan OfficerJob Description SummaryJoin a team of financial aid experts in an operation that focuses on student support. This position serves as a central point of contact for all student loan needs. Responsible for processing loans and providing in-depth counseling of individual students pertaining to their unique borrowing circumstances, to include meeting with students and parents to facilitate the loan process and adhere to al Title IV regulations. Candidate selected must have a positive attitude and flexibility in working in a dynamic and fast-paced environment.
Reporting to the Assistant Director for Student Loans, the Student Loan Specialist performs various duties related to the daily administration and servicing of Federal (both Title IV and Title VII) and Private student loans which have been awarded under a total financial aid package. Through workshops, trainings, in-person meetings; as well as telephone and email correspondence, the Student Loan Specialist will provide guidance to graduate and undergraduate students in all 12 of Penn’s Schools, developing and ensuring their understanding of eligibility, borrowing options, disbursements, refunds, repayment responsibilities and strategies; as well as the Federal, State, and University regulations, policies, and procedures that affect their aid packages.
In compliance with Federal regulatory guidelines for loan administration, the Student Loan Specialist will evaluate and determine student eligibility for loans, adjust loan applications, authorize loan cancellations and reductions as warranted, and ensure that accurate and complete supporting documentation is included as needed. He/she will also evaluate and resolve disbursement errors, reconcile Direct Loans, and liaise with federal loan providers to ensure the transfer of all records accurately and in a timely manner.
The Student Loan Specialist will be expected to provide customer service in the SRFS Counseling Center during peak periods.Job Description
Demonstrating an understanding of Federal, State, and University regulations, policies, and practices, provide individualized counseling to students and their parents/authorized representatives in regard to borrowing options, loan indebtedness, and loan repayment strategies.
Analyze student and parent financial resources, and student academic progress, to determine eligibility for loan programs. Communicate the impact that federal loan programs have on other funding sources, including the Penn Grant and any endowed funding a student may receive.
Counsel students on their potential refunds resulting from loan processing, and the impact of origination and processing fees on the net result of the disbursement. Work with students to resolve complex loan certification issues. Document interactions.
In compliance with Federal, State, and University policy, monitor changes to student status affecting loan eligibility; authorize loan cancellations or reductions as required; authorize adjustments to loan eligibility and loan applications in response to student/parent special needs and conditions. Certify/update/maintain loan eligibility in compliance with federal regulations, using both University and external systems.
Authorize disbursements, and evaluate and resolve disbursement errors on a daily basis. In conjunction with the business office, use COD and DL tools to assist in the monthly reconciliation of Direct Loans. Generate, and analyze data from, reports to ensure the accurate volume of disbursements to student accounts per School and Program.
Demonstrating an understanding of Federal and State systems and administration, serve as a liaison between the University, students, Penn’s Schools, and Federal and private lenders.
Coordinate and transmit origination and disbursement records to/from federal loan servicers; and troubleshoot and resolve errors/issues before, during, and after transmission.
Develop, create, and deliver trainings and workshops for staff and students in all Schools on loan borrowing and repayment strategies, tailoring presentations to the specific needs of each population.
Train financial aid counselors as needed on loan processing procedures and changes to transaction protocols to ensure that all staff understand the information provided by both the PLS and NGSS systems. Provide technical assistance to SRFS staff and the University community to resolve loan-related issues. Provide customer service in the SRFS Counseling Center during peak periods.
Bachelor’s degree or equivalent combination of education and experience; minimum of 3 years of financial aid experience
Demonstrated experience in financial aid counseling, and a strong customer service orientation/skill set required.
Knowledge of Department of Education software systems and data exchange required.. Experience with Banner preferred.
Thorough and up-to-date knowledge of: Federal Direct Loan programs and their eligibility criteria and associated rules; private loan programs, their eligibility criteria, application processes, and transmission methods; Federal regulatory guidelines for the administration of Title IV and Title VII loans.
Ability to research, evaluate, interpret and effectively communicate, in both oral and written form, rules and regulations to a diverse audience, in one-on-one sessions and in group presentations.
Must be detail-oriented with a demonstrated ability to document procedures.
Desire to provide excellent customer service and ability to utilize critical thinking and analytical skills to effectively make determinations and package student awards.
An ability to work as part of a dynamic and flexible team in a fast-paced professional office.
Demonstrated experience working with diverse constituencies.
Demonstrated ability to build relationships, to assess and balance needs of various stakeholders, and to identify and advocate for achievable solutions.
Ability to be collaborative and responsive in managing multiple relationships, adapting to new priorities, and responsive as needs change.
Penn adheres to a policy that prohibits discrimination on the basis of race, color, sex, sexual orientation, gender identity, religion, creed, national or ethnic origin, citizenship status, age, disability, veteran status, or any other legally protected class.Special Requirements
Background check required after a conditional job offer is made. Consideration of the background check will be tailored to the requirements of the job.