Financial Aid Officer Salary
Financial Aid Officers in the United States may have to scrimp and save; the median compensation is $39K annually. Pay ranges from $29K on the low end to $50K per year on the high end. Career duration is the biggest factor affecting pay for this group, followed by geography. Men are in the minority of survey respondents, with female Financial Aid Officers making up 73 percent. Although slightly more than a fifth lack health benefits of any kind, a strong majority do enjoy medical insurance, and the larger part get dental coverage, too. Job satisfaction is considered about average by most people in this profession. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
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
Financial Aid Officers note just a narrow range of job skills. Those who have experience with Loan Processing, Customer Service, and Federal Grants can expect to be compensated well for these skills. Skills that seem to negatively impact pay include Federal Grants. Those educated in Customer Service tend to be well versed in Loan Processing.
Pay by Experience Level for Financial Aid Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for inexperienced workers average out to $40K, and those with five to 10 years' experience earn a higher median of $38K. On average, Financial Aid Officers make $37K following one to two decades on the job. Financial Aid Officers who have acquired more than 20 years of relevant experience earn significantly more than folks with fewer years on their resumes; the average income in this veteran group is $51K.
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