Financial Aid Director Salary
The majority of Financial Aid Directors in the United States — slightly less than three-fifths — boast more than 10 years of experience in their profession. Salaries stretch from $40K to $91K per year, and the median is $62K per year. Geographic location and tenure each impact pay for this group, with the former having the largest influence. Health benefits are not claimed by all — just over one in five lack any form of coverage — but a fair number have medical insurance, and more than half have dental, too. Job satisfaction is high and work is enjoyable for most Financial Aid Directors. Men are in the minority of survey respondents, with female Financial Aid Directors making up 72 percent. This overview is based on answers to PayScale's salary questionnaire.
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
- 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.
- Provide information to students on aid programs, maintain student records, evaluate aid applications, and ensure aid is correctly disbursed.
- 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.
Financial Aid Director Job Listings
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Popular Skills for Financial Aid Director
Financial Aid Directors seem to require a number of specific skills. Most notably, skills in Budget Management, People Management, Regulatory Compliance, and Federal Grants are correlated to pay that is above average, with boosts between 3 percent and 8 percent. Skills that are correlated to lower pay, on the other hand, include Loan Processing. Most people familiar with 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.
For many Financial Aid Directors, more experience generally translates to higher pay. Salaries for the relatively untried average out to around $45K, but survey participants with five to 10 years of experience earn a significantly higher median of $59K. The average pay reported by folks with 10 to 20 years of experience is around $68K. Financial Aid Directors with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $72K.