Careers in financial aid

It takes an army of workers to handle the $89.6 billion in student aid that’s available to the 13 million or so students that attend the more than 4,100 colleges and universities in the United States. And every year, that army of workers needs to grow.

If you love the college atmosphere so much you want to stay after graduation or are looking for a great job on campus, consider working in the financial aid office. You’ll be doing something meaningful: helping students find the money to attend. 

And if it’s a financial job in the public sector you’re after, starting at a college financial-aid office can help get you there, says Vali G. Heist, director of policy, planning and accreditation at Alvernia College in Reading, Pa. “Besides financial aid being a great entry-level job, it can be a foot in the door to higher education or other financial jobs outside of higher education,” Heist says.

The financial aid career field
All jobs in this field require interpersonal skills, which means that you like people and that people like you. You’ll have to be able to keep your cool under pressure and be able to deal with unhappy students and parents.

You’ll also have to be detail-oriented and learn tons of rules and regulations required in the financial aid process. By the way, you know those math skills you thought you’d never use? Well, get ready to use them in this field. Helping students learn money management, wise decision-making and responsibility may also be part of your job.

Director/assistant director of financial aid
As a director of financial aid, you’ll be responsible for the administration, management and awarding of funds from federal, state, institutional and private sources. Other duties include policy development, supervision and training of staff and overseeing the daily operations of the financial aid office. According to the National Association of Student Financial Aid Administrators (NASFAA), salaries average about $50,000 depending on the size of the school. A bachelor’s degree is a must, as is lots of previous work experience. Assistant or associate directors earn $30,000 to $40,000 a year.

Manager/supervisor/division chief
A lot of medium to large schools also have administrators in each of the major areas, such as grants and scholarships, work-study, compliance, needs analysis and counseling. 

For these positions, you will need to have a working knowledge of one or more specialized areas in addition to a broad understanding of financial aid. You’ll also need good supervisory skills and the ability to manage multiple projects and meet deadlines. Managerial positions usually pay about $32,000 and require a bachelor’s degree and experience.

Processing coordinator
If computers are your thing, this may be a job to consider. You’ll have to learn the programs used in the application and awarding of federal, state and institutional aid. You have to know all the steps in the financial aid process, programs and regulations, needs analysis and budgeting.

This is one of those “work your way up” jobs that requires a bachelor’s degree and two to three years of financial aid experience. Average salary here is $35,000.

Counselor/advisor
Are people always coming to you for advice? Becoming a financial aid counselor might be your calling. Your job responsibilities could include helping students and their families decide if they should apply for loans. To do this job well, you need to have an overview of financial aid, the ability to convey complex information clearly and excellent human relations skills. A bachelor’s degree is usually preferred, and starting pay, says NASFAA, is about $27,000 annually.

Clerk/processor
You may need to start your financial aid career in a support position. There are many opportunities for these types of jobs because the financial aid process runs on paperwork and data entry. Students would receive no financial help without dedicated office workers. These jobs require the skills of most clerical positions, plus an exceptional ability to produce accurate work. You can expect pay ranging from $21,000 to $23,000 a year. These are good entry-level positions that let you get an overview of the entire office and can help you decide if you want to become a financial aid professional.

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