Financial Aid Advisor Salary
Financial Aid Advisors in the United States may have to scrimp and save; the median compensation is $39K per year. Career duration and the particular city each impact pay for this group, with the former having the largest influence. Most Financial Aid Advisors report high levels of job satisfaction. A fair number enjoy medical while the larger part get dental coverage. Vision coverage is also available to more than half. Female Financial Aid Advisors are more common than men among those who completed the survey; more than half (68 percent) are women. This snapshot results from replies to PayScale's salary survey.
|Salary||$28,945 - $49,623|
|Total Pay (||$28,357 - $47,895|
|Hourly Rate||$13.18 - $20.98|
|Overtime||$21.70 - $30.13|
|Total Pay (||$28,357 - $47,895|
Job Description for Financial Aid Advisor
Financial aid advisors are employed primarily by colleges, universities, and even some private secondary and "prep" schools. It is the job of these specialized counselors to assist students and families in finding the means to pay for educational services and matching appropriate aid programs, as well as completing and filing necessary paperwork. These advisors also inform students of new programs, scholarships, loans, and grant programs for which the student/s may qualify.Read More...
Financial aid advisors must be familiar with a variety of federal and local aid and loan programs, as well as the eligibility for such offerings. The application process for such programs can be grueling and quite time-consuming for those seeking financial assistance, so it is their responsibility to help guide students through it. These advisors are also expected to stay up-to-date with all developments in student financial aid, as many schools subscribe to databases which provide this information.
Financial aid advisors also assist with paperwork processes, answer any questions applicants may have, clarify application requirements and questions, and assist the students' families in collecting all necessary documentation to support the application. They may also search for new grants and scholarships which may ease the financial hardship of higher education and bring these to the attention of students who may be eligible.
Generally, financial aid advisors have a degree in a discipline related to numbers, research, or general communication. They may also have prior experience in school financial offices or with other financial aid processes. Those in this position typically work in educational office environments during regular hours of the work week.
Financial Aid Advisor Tasks
- Counsel students and parents about self-help financial aid programs, eligibility requirements, and application processes.
- Plan and perform financial aid workshops to staff and students.
- Assist in the review of students' financial aid applications.
- Coordinate and administer financial aid appeals.
- Package, award, and disburse funds to students.
Pay by Experience Level for Financial Aid Advisor
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Financial Aid Advisors with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Relatively untried employees who have fewer than five years of experience earn around $36K on average. People who have worked for five to 10 years can expect a higher median salary of $39K. Financial Aid Advisors who work for 10 to 20 years in their occupation tend to earn about $40K. Financial Aid Advisors who have acquired more than two decades of experience generally do see greater compensation; their average income is approximately $48K.
Related Job Salaries
Key Stats for Financial Aid Advisor
Rated 5 out of 5
based on 25 votes.