Financial Aid Director Salary
Financial Aid Directors who are practiced in their profession and carry more than 10 years of experience make up a little over a half of Financial Aid Directors. Pay fluctuates from $41K to $90K per year, but expected earnings average $62K per year. Residence and career duration each impact pay for this group, with the former having the largest influence. A fair number report receiving medical coverage from their employers and more than half collect dental insurance. Most Financial Aid Directors survey respondents are women (72 percent). Job satisfaction for Financial Aid Directors is high. The numbers in this rundown were provided by PayScale's salary survey participants.
Job Description for Financial Aid Director
Financial aid directors are hired by various institutions that have financial aid departments; any operation that facilitates payment for products or services can be referred to as financial aid. These operations include offering grants, managing loans, providing payment plans, and determining eligibility for aid. The director of the financial aid department has to orchestrate all these operations by managing the existing financial aid programs and implementing new ones as needed.Read More...
Financial aid departments generally have a hierarchy of employees handling tasks that range from answering phones to extending loan offers. It is ultimately the director's job to ensure that the financial aid staff is applying protocol when running operations. The director holds regular meetings to discuss the protocol of their institution and any pending cases; something becomes a pending case when the relevant committee is not able to reach a decision as to whether or not an applicant qualifies for financial aid. It is the financial aid director's job to rule in these cases, sometimes after meeting with the applicant.
It might occasionally be necessary for this director to work extra hours (i.e. when meeting bank deadlines or at the end of the fiscal year). Otherwise, a financial aid director work standard daytime office hours. Most jobs require at least a bachelor's degree in business, finance, or a related field, as well as extensive relevant experience.
Financial Aid Director Tasks
- Manage the operation of the financial aid office and administer programs which provide financial aid to students.
- Prepare applications for private, local, state, and federal funding and coordinate department during audits.
- Provide information to students on aid programs, maintain student records, evaluate aid applications, and ensure aid is correctly disbursed.
- Propose and implement financial aid policies and procedures, and ensure compliance with state and federal regulations.
- Hire, train, supervise, direct, and evaluate staff working in the financial aid department.
Financial Aid Director Job Listings
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Popular Skills for Financial Aid Director
Survey takers who work as Financial Aid Directors typically report just a few professional skills. Most notably, skills in Budget Management, People Management, Federal Grants, and Regulatory Compliance are correlated to pay that is above average, with boosts between 3 percent and 7 percent. Skills that seem to negatively impact pay include Loan Processing. Most people experienced in Budget Management also know People Management.
Pay by Experience Level for Financial Aid Director
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience does not seem to be a strong driver of pay increase in this role. The average beginner in this position makes around $47K, but folks who have been around for five to 10 years see a markedly higher median salary of $60K. People with 10 to 20 years of experience make an average of about $68K in this role. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $70K.
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Key Stats for Financial Aid Director
Rated 4 out of 5
based on 27 votes.