Loan Officer

Overview

The Loan Officer oversees administration and collection of Institutional Loan programs. Toward that end, the Loan Officer: accurately completes documentation of loan portfolios; manages entrance, exit, and collection process as well as works collaboratively with the other Loan Officer, the Financial Aid office and other departments on campus. In addition,this role follows federal/state regulations governing the Institutional Loan funds and general lending practices, educates borrowers, works to increase timely repayment of funds, maintains low loan fund default rates, and collaborates with campus colleagues to develop and maintain procedures or processes that meet student needs.

This is a full time (.75 FTE) position that requires onsite 5 days a week with hours 10:00am-4pm.

About The Department:

The Business Services Team fosters responsible stewardship of Macalester’s financial resources through integrity, effectiveness, and innovation. Guided by the College’s mission, we strive to deliver consistently exemplary service with respect for the diverse needs of the entire Macalester community and external parties who rely on our work. We partner with our constituents to help them achieve their goals through timely and accurate resources, fiscal accountability, best practices, technical expertise, and ethical guidance fueled by a solutions-oriented spirit.

Responsibilities

INSTITUTIONAL LOAN PROGRAMS -- PROCESSING and ADMINISTRATION

• Oversees processing and administration of Macalester Loan and Henry Strong Loan programs.
• Generates and processes all loan documents (prom notes, disclosures, self-certification form etc.), in accord with prevailing lending regulations.
• Provides accurate loan advance and separation information to third party servicer.
• Responds to all borrower inquiries (e-mail, mail, letters, telephone calls, individual meetings).
• Manages deferment and forbearance requests.
• Collaborates with the other Loan Officer and the Director of Accounting as needed to retrieve borrower loan documents for independent auditor’s review.

INSTITUTIONAL LOAN PROGRAMS -- OVERSIGHT AND COLLECTION

• Provides financial counseling and explains legal requirements to borrowers including guidance regarding options and obligations to repay debts to the College.
• Monitors and takes action to maintain low default rates for Institutional Loan programs.
• Negotiates/monitors rehabilitation agreements.
• Responds to debtor inquiries (e-mails, mail, letters, telephone calls).
• Generates and sends Paid in Full letters.
• Initiates collection action when appropriate (telephone calls, e-mails, letters, skip tracing).
• Assigns delinquent loans to collection agencies when necessary. Works closely with agencies to pursue collection.
• Monitors monthly analysis of past due/delinquent/default account activity.
• Recommends write-off accounts to Director of Student Accounts.

COMPLIANCE

• Keeps current with all Federal and State policies/regulations regarding collection and loan programs to ensure compliance, proper reporting, timely repayment of funds, and program integrity.
• Monitors and updates all forms, processes, and documentation to streamline operations and comply with prevailing regulatory requirements.

SERVICE

• In all areas, adopts and implements best practices that advance the College’s mission and vision.
• Supports constituent groups across campus to facilitate effective service delivery.
• Keeps supervisor informed of plans, challenges, and priorities.

Qualifications

• Bachelor’s Degree or Associate’s Degree with 3-5 years of relative experience required.
• 1-3 years of experience in loan portfolio management experience with emphasis on loan processing, servicing, and collection with a commitment to exceptional customer experience.
• Working knowledge of the Fair Debt Collection Practices Act and Family Education Rights and Privacy Act (FERPA). Familiarity with prevailing collection and credit regulations. Prior experience working with an outside service provider preferred.
• Gathering and presenting data to clearly communicate complex concepts to individuals with little or no financial background; ability to process complex paperwork.
• Loan execution, servicing and collection.
• Banner ERP preferred and related third party software; spreadsheet and word processing applications; e-documents, digital imaging, collaborative tools, e.g. Google Docs.
• General correspondence and document preparation; editing.
• Sound business principles and basic accounting.
• Proactive communication skills.

Compensation:

The hourly wage for this position will be $24.00-$26.50, depending on experience.

Benefits:

At Macalester, we are proud to offer excellent comprehensive employee benefits. Here are some highlights:

• 10% employer contributions to the retirement plan.
• Outstanding vacation and sick time packages, plus an additional 10 holidays.
• Generous employer contribution to Health Savings Account.
• Tuition assistance which pays between 75% - 100% of eligible tuition for employee dependents at select institutions.
• Free primary care for most services through Nice Healthcare when enrolled in a Macalester health plan.
• Access to the athletics fitness facility, wellness coaching, and activities.

These are just some of the great benefits Macalester has to offer! To see our full benefits packages and options, please visit our Benefits Page.

Satisfactory completion of a criminal background check is a condition of employment.

Application Guidelines:

For best consideration, please submit your cover letter and resume through the Macalester Employment Opportunities webpage by May 8th. No resumes will be accepted after this date and the interview process will start after this date.

Jaclyn Howard

Talent Acquisition Manager

jhoward3@Macalester.edu

Macalester College - Institutional Overview

Founded in 1874, Macalester College provides students with the inspiration, insight, and experience to become successful and ethical leaders. Located in flourishing St. Paul, Minnesota, Macalester enrolls over 2,000 students from across the country and around the world. Macalester is a preeminent liberal arts college recognized for its student service and celebration of internationalism.

At Macalester, we look at our employees through a whole-person, holistic lens. With comprehensive benefits and well-being programs, we provide and enable our community members to grow and care for themselves, their families, and one another. Our whole-hearted fidelity to community-building and social justice exemplify these ideals. Macalester College continuously prioritizes a culturally diverse and pluralistic community. We value individuals of all backgrounds and lived experiences.

Our rich blend of people holding varied identities enhances our strong commitment to multiculturalism and global citizenship. We seek candidates who reflect and strengthen our campus environment. Macalester invites and encourages everyone to apply who would add depth to our community including those from all sexual orientations, races, ethnicities, national origins, genders, religions, abilities, and ages.