Management Analyst 2 - Loan Specialist

Bemidji State University (BSU) and Northwest Technical College (NTC) invite applicants to join our team as a Loan Specialist. The Loan Specialist will administer, process and reconcile all federal, state, and private student and parent loans. Under limited supervision, this position will determine students’ loan eligibility within federal and state regulations to accurately process and report loan disbursements totaling over $17 million dollars per year. The individual in this position will complete all Return to Title IV (R2T4) loan adjustments and returns to ensure federal and state compliance. This position requires excellent communication skills and attention to detail to work with outside agencies to resolve loan issues, reconciliation concerns, reaffirmation, default resolution, address student and parent questions and concerns, and exchange data with federal and private loan processors utilizing multiple databases and software programs. The processing of financial aid applicants pursuing coursework for teacher licensure, as well as additional program students (those with an undergraduate degree) will be processed by this position (reviewing edits, communication to students, document review, loan certification and loan reporting). The individual in this position is responsible for creating and implementing departmental procedures to ensure that the Federal and State regulations are followed to meet student, institutional, and governmental requirements.
 
Responsibilities of the Loan Specialist include:  

• Administering the processing and reconciliation of all student and parent loans (Federal Direct Subsidized, Unsubsidized, Parent PLUS, Graduate PLUS, SELF, and Private Educational) in accordance with Federal, State, and Institutional guidelines for BSU and NTC. (Percent of Time: 40%)
  • Developing, communicating, interpreting, and implementing processes and procedures related to student borrowing in accordance with federal, state and college policies – differentiating the needs between a University and 2-year Technical College. Reviewing processes regularly to continually make improvements.
  • Calculating a student’s loan eligibility according to Federal, State, and private lender guidelines and utilizing resources such as the federal Common Origination and Disbursement System (COD), the National Student Loan Database System (NSLDS), the FAFSA Processing System (FPS), and ISRS so that all facets of the loan programs including origination and disbursement records, Master Promissory Notes, Entrance Counseling, and loan amount reductions and cancellations are received, reported, reviewed, and resolved with minimum problems or discrepancies.
  • Serving as a loan content expert to answer questions from students, parents, staff, and other stakeholders by utilizing knowledge of regulations and policies governing the student loan programs. Reviewing and creating communication related to loans and student borrowing for clarity, including the website and the student portal.
  • Corresponding orally, by letter or via email with borrowers, Federal Student Aid (FSA)/U.S. Department of Education, State of Minnesota, private lenders, and guarantee agencies regarding loans, cancellation, refunds, reconciliation, revision and payments.
  • Responsible for monthly and year-end reconciliation of all loan records with the Business Services Office, Department of Education, State of Minnesota, and private loan agencies for two schools.
  • Monitoring and implementing fulfillment of all loan exit interview regulatory requirements, and informing borrowers of their privileges and obligations.
  • Resolving all loan discrepancies, monitoring records of all loan disbursements and refunds, and compiling data for audits and internal compliance reviews.
  • Monitoring and resolving financial aid tracking system edits related to NSLDS data, such as aggregate loan limits, default, overpayment, loan discharge, and Transfer Monitoring.  This requires extensive knowledge of Federal Loan eligibility requirements and the ability to develop and implement office policies and procedures in alignment with these regulatory requirements.        
• Managing and processing awards and award adjustments for student loan programs submitted by staff and/or as generated by batch processes, i.e. over-awards, 3^rd party funding, cost budgets, special circumstances, and R2T4/withdrawals for two institutions. (Percent of Time: 15%)
  • Analyzing and interpreting the accuracy of award revision and initial entry indicated on award change form and computer record: Resolving errors, if any, or by consultation with staff members.
  • Processing and maintaining student records of loan funds reasons of returns, i.e., timeline limitations, over awards, etc.
• Coordinating and facilitating Aid Apply processes for student loans according to established schedules or as individual cases require. Prioritizing, scheduling and completing processes to distribute Federal, State and private loans on scheduled aid applied process dates for both schools. (Percent of Time: 15%)
  • Facilitating disbursement of timely and accurate student loan awards.
  • Revising and resolving items produced as a result of aid applied.
  • Checking student loan disbursements to ensure accuracy and satisfactory enrollment.
  • Reviewing and resolving diagnostic messages on Aid Applied reports run on a twice weekly basis for each school.
  • Facilitating and assisting in the electronic exchange procedures of data as programs require, which include Federal Subsidized/Unsubsidized Direct Loans, Federal Parent and Graduate PLUS Loans (USDOE), Minnesota Self Loan Program (MOHE), and private student loans (Scholarnet).
• Processing and awarding financial aid applicants pursuing courses required for teacher licensure and Additional Program students (prior bachelor’s degree). (Percent of Time: 15%)    
  • Reviewing and resolving tracking edits, making necessary corrections to student FAFSAs in order to properly award student loans.
  • Certifying loans and making corrections in COD so loans are accurately reflected. Completing necessary coding for the aid applied process to work correctly.
  • Analyzing processes to improve workflow, design and implementing new processes and coordinating with Graduate Admission so that coding in Admissions accurately reflects the program the student is completing.                  
• Providing administrative and technical support to the financial aid program administrators and office operations as needed. (Percent of Time: 15%)
  • Monitoring, following up, and resolving assigned application tracking edits for appropriate processing.
  • Providing applicant problem resolution support determining the nature of the problem and either resolving the problem or referring to the appropriate staff member. Problems are often complex in nature and require detailed information and research.
  • Providing customer service information to internal and external clientele as needed.  All customer service/student information provided must be disseminated within the guidelines of the Family Education Rights and Privacy Act (FERPA). This may include covering incoming phone calls and general office email support.
  • Coordinating the imaging of all student loan program reports and application records.
  • Utilizing ImageNow workflow and document imaging functions as well as ISRS Financial Aid module messaging/commenting and documenting control screens for student file processing and maintenance.
  • Assisting with ad hoc projects that require staff resources beyond routine assigned responsibilities, as identified and requested by department management team.       

• One (1) year of full-time work experience in student financial aid or related technical, highly audited and regulated environment OR a Bachelor's Degree in a related field may substitute for one year of experience OR an Associate's Degree in a related filed may substitute for six months of experience.
• Ability to demonstrate strong customer service and interpersonal communication skills needed to interact with courtesy, respect and professionalism with individuals of varying educational levels and diverse backgrounds to provide positive experience working with the Financial Aid Office.
• Effective written and verbal communication skills sufficient to participate in discussions, create policy and procedure documents and communicate technical information to both technical and non-technical personnel.
• Work experience that demonstrates strong attention to detail sufficient to analyze applications, data, and numbers to avoid errors an ensure accuracy in one's own work and in the work of others.

• Two (2) years of experience in student financial aid or related technical, highly audited and regulated environment.
• Experience working with Integrated Student Records System (ISRS), Document Imaging Systems and/or workflows, the Department of Education’s NSLDS and COD systems, and ScholarNet.
• Experience analyzing data and using results to inform/create policies and procedures for administration of aid programs.
• Knowledge of financial aid programs and administration sufficient to interpret, understand, and explain complex State and Federal regulations governing financial aid programs to students, staff, and other stakeholders.
• Ability to fully utilize multiple complex and varied technology systems with little or no supervision.
• Proficiency in Power BI for data visualization, report building and dashboard creation.
• Experience working with Microsoft Access for data management and developing queries.
• A demonstrated commitment to the principles of diversity, equity, inclusion, and anti-racism. 

• Communicating effectively with customers/stakeholders.
• Maintaining a stationary position for long periods of time.
• Positioning self to move, ascend, descend, traverse.