Financial Aid Advisor Salary
Financial Aid Advisors in the United States can expect only a modest salary, with average pay of just $38K annually. Career length is the biggest factor affecting pay for this group, followed by geography. Job satisfaction is high and work is enjoyable for most Financial Aid Advisors. Although between a fifth and a fourth lack health benefits of any kind, a strong majority do enjoy medical insurance, and the greater part get dental coverage, too. Most Financial Aid Advisors survey respondents are women (72 percent). The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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
- Coordinate and administer financial aid appeals.
- Package, award, and disburse funds to students.
- Assist in the review of students' financial aid applications.
- 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.
Financial Aid Counselor Job Listings
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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.
For Financial Aid Advisors, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. The average inexperienced worker's salary is approximately $36K, and people with five to 10 years of experience bring in more at around $39K on average. On average, Financial Aid Advisors make $42K following one to two decades on the job. In the end, more experience does seem to mean larger paychecks; seasoned Financial Aid Advisors with more than 20 years of experience earn a predictably higher median salary of $48K.