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The Financial Aid Analyst, plays a crucial role in administering and managing financial aid programs for students at the University of Miami. This position is responsible for ensuring compliance with federal regulations and guidelines while providing accurate and timely financial aid information and support to students, parents, and other stakeholders.
This position is primarily remote, with some in-person requirements. Travel/accommodations for in-person are covered by the employee. Travel to conferences/events are covered by the university.
Rate of pay: $23.97 - $27.50 depending on experience
Key Responsibilities:
Daily Disbursement Review:
Conduct meticulous daily reviews of financial aid disbursements to ensure accuracy, completeness, and compliance with institutional policies and federal regulations.
Verify disbursement amounts against student accounts and financial aid awards to prevent discrepancies and errors.
Federal Direct Loan Inbound Reject Report Review:
Analyze daily reports identifying rejected Federal Direct Loan applications and transactions.
Investigate and resolve issues promptly to facilitate timely processing and disbursement of loans to eligible students.
Federal Direct Loan Origination Reject Report Review:
Evaluate and address discrepancies and errors identified in daily Federal Direct Loan origination reject reports.
Collaborate with appropriate departments to correct data and ensure accurate loan origination and processing.
Weekly Federal Direct Loan Reconciliation:
Perform weekly reconciliation of Federal Direct Loans to reconcile disbursements with financial records and ensure compliance with Department of Education requirements.
Identify and resolve any discrepancies or variances in a timely manner.
Overaward Review:
Monitor and assess instances of overawarding of financial aid funds to students.
Take corrective actions to adjust awards and maintain compliance with federal financial aid regulations.
Monitoring NSLDS Aggregate Limit:
Track and manage student borrowing against National Student Loan Data System (NSLDS) aggregate limits to prevent students from exceeding borrowing thresholds.
Provide guidance and support to students to ensure responsible borrowing practices.
COD Reporting:
Prepare and submit accurate and timely reports to the Common Origination and Disbursement (COD) system.
Ensure compliance with COD reporting requirements and maintain records of submissions and approvals.
Loan Processing Support:
Offer comprehensive support throughout the loan processing cycle, including troubleshooting and resolving issues related to loan applications, disbursements, and repayment.
Management of PowerFAIDS Loan Quality Control:
Oversee and manage quality control processes within the PowerFAIDS system to uphold data integrity and operational efficiency.
Implement improvements and best practices to enhance loan processing workflows and compliance measures.
Policy Adherence and Asset Safeguarding:
Strictly adhere to University and unit-level policies and procedures governing financial aid operations.
Safeguard University assets, including sensitive student financial information and institutional resources.
Reporting:
Prepare accurate and timely reports detailing financial aid activities, disbursements, and student outcomes for regulatory agencies and internal stakeholders.
Analyze data trends and outcomes to inform decision-making and improve financial aid program effectiveness.
Training:
Develop and conduct training sessions for staff and stakeholders on financial aid policies, procedures, and regulatory updates.
Foster a culture of compliance and continuous improvement through ongoing training and professional development initiatives.
Customer Service:
Serve as a primary point of contact for inquiries related to financial aid eligibility, disbursement, and reconciliation.
Resolve complex issues and disputes promptly and professionally, ensuring a positive experience for students, families, and other constituents.
This list of duties and responsibilities is not intended to be all-inclusive and may be expanded to include other duties or responsibilities as necessary.
Minimum Qualifications
Education:
Bachelor's Degree in Accounting, Finance, Business Administration, or a related field required.
Experience:
Minimum of 3 years of progressive experience in financial analysis, accounting, or related roles, preferably in a higher education or financial services setting.
Any relevant education, certifications and/or work experience may be considered.
Knowledge, Skills, and Core Values:
Knowledge:
Proficient understanding of basic accounting principles and procedures.
Familiarity with Federal Financial Aid reporting standards and regulatory requirements.
Skills:
Demonstrated ability to prepare accurate financial and accounting records with attention to detail and adherence to deadlines.
Strong analytical skills with the ability to analyze, consolidate, and interpret financial data to inform decision-making.
Proficiency in using financial software and tools to compile, organize, and interpret data effectively.
Core Values:
Commitment to maintaining high standards of integrity, accuracy, and confidentiality in financial reporting and data management.
Excellent communication skills, both written and verbal, with the ability to convey complex financial information concisely and effectively.
Proactive attitude towards problem-solving and continuous improvement in financial processes and reporting practices.
The University of Miami is an Equal Opportunity Employer - Females/Minorities/Protected Veterans/Individuals with Disabilities are encouraged to apply. Applicants and employees are protected from discrimination based on certain categories protected by Federal law. Click here for additional information.
Job Status:Full time
Employee Type:Staff
Pay Grade:A8
