Financial Aid Officer Salary
Pay for Financial Aid Officers in the United States is very modest at just $39K per year. Earnings generally vary between $29K and $50K per year. Career duration and the particular city each impact pay for this group, with the former having the largest influence. Most Financial Aid Officers survey respondents are women (73 percent). Health benefits are not enjoyed by everyone in this line of work, and just over one in five lack any coverage at all. Medical benefits are reported by a fair number and dental coverage is claimed by more than half. Job satisfaction is considered about average by most people in this profession. The data for this snapshot was collected from individuals who took PayScale's salary survey.
Job Description for Financial Aid Officer
A financial aid officer's main responsibility is to make sure that students have the financial resources that they need to attend their institution (typically a college or university). They keep track of all financial aid packages offered by their institution and explain them to students, as well as help determine if students are qualified for those packages. Additionally, financial aid officers are responsible for supporting other departments as needed, such as by assisting with state and federal reporting, presentations, and any other duties as assigned.Read More...
Universities and other higher education institutions are the main employers for financial aid officers. This is generally a full-time position that takes place during regular business hours. Physical requirements are generally minimal for financial aid officer positions.
The minimum educational requirement for financial aid officer positions typically includes a high school diploma or equivalent; however, most employers require or prefer some postsecondary education related to finance. Additionally, employers typically require at least two years of experience in a financial setting. Financial aid officers must have excellent interpersonal, time management, and organizational skills. They must have excellent communication skills to clearly explain financial aid options to students, and they should be proficient with basic computer programs such as the Microsoft Office suite.
Financial Aid Officer 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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Popular Skills for Financial Aid Officer
Survey takers who work as Financial Aid Officers usually report a few specific skills. Those who have experience with Loan Processing, Customer Service, and Federal Grants can expect to be compensated well for these skills. Skills that pay less than market rate include Federal Grants and Customer Service. Most people experienced in Customer Service also know Loan Processing.
Pay by Experience Level for Financial Aid Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
People who have worked for fewer than five years bring home $38K on average. Median compensation in the five-to-10 year group, however, is higher at approximately $40K. On average, Financial Aid Officers make $38K following one to two decades on the job. Survey participants who have worked for more than two decades report bringing in $51K on average.
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