Financial Aid Advisor Salary
Financial Aid Advisors in the United States may have to scrimp and save; the median compensation is $39K annually. Experience level is the biggest factor affecting pay for this group, followed by geography. A strong majority report receiving medical coverage from their employers and a majority collect dental insurance. The majority of workers are highly satisfied with their job. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
|Salary||$28,835 - $49,334|
|Total Pay (||$28,839 - $47,897|
|Hourly Rate||$13.70 - $21.38|
|Overtime||$22.12 - $30.64|
|Total Pay (||$28,839 - $47,897|
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
- Create, negotiate, and communicate financial aid plans for students that fit with existing resources and policies.
- Oversee specific programs like the federal work-study program, exchange/visiting students, Title IV, etc.
- Verify and certify loan applications, then follow through to collections, including all documentation.
- Assist students and parents with paperwork, eligibility questions, and handling awards.
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Pay by Experience Level for Financial Aid Advisor
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Financial Aid Advisors do not generally earn higher incomes from more experience in the field. Relatively untried employees who have fewer than five years of experience earn around $37K on average. People who have worked for five to 10 years can expect a higher median salary of $40K. The average pay reported by folks with 10 to 20 years of experience is around $40K. Veterans who have acquired more than 20 years report a median income of $48K, which is generally higher than the pay reported by other tenure groups.
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Key Stats for Financial Aid Advisor
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