Financial Aid Advisor Salary
Financial Aid Advisors in the United States can expect only a modest salary, with average pay of just $39K per year. Lower pay rates hover around $29K, and the higher rates verge on $49K per year. Experience level and the particular city each impact pay for this group, with the former having the largest influence. The majority of workers are highly satisfied with their job. The majority of Financial Aid Advisors (67 percent) who took the survey are women. In this profession, a fair number enjoy medical and dental coverage, and the greater part have vision insurance, as well.
|Salary||$28,920 - $50,417|
|Total Pay (||$28,675 - $48,783|
|Hourly Rate||$13.51 - $21.14|
|Overtime||$21.85 - $30.81|
|Total Pay (||$28,675 - $48,783|
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
Pay by Experience for a Financial Aid Advisor has a positive trend. An entry-level Financial Aid Advisor with less than 5 years of experience can expect to earn an average total compensation of $36,000 based on 98 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Financial Aid Advisor with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $39,000 based on 51 salaries. An experienced Financial Aid Advisor which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $40,000 based on 23 salaries. A Financial Aid Advisor with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $48,000 based on 5 salaries.
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Key Stats for Financial Aid Advisor
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