Oak Brook, IL
Do you have a background in Accounting or Finance and have interest in the Education setting?
If so, we'd love to speak with you about our newly created Business Officer opportunity!
The primary function of the Business Officer is to increase the number of students repaying their Federal Student Loans thereby lowering the total student loan defaults. This position ensures accurate student account records by billing tuition and fees timey, and by posting and transferring Title IV aid in compliance with the Department of Education regulations. Interpret and implement regulations set forth by the U.S. Department of Education and Servicers.
The Business Officer reports to the Manager, Business Office who in turn reports to the Assistant Vice President of Accounting and Student Loan Operations. This position has no direct reports.
Federal Student Loans (60%)
Contact borrowers by telephone, email and mail to discuss the status of their accounts and to advise them of their responsibilities and loan repayment options.
Counsel borrowers to make a telephone payment directly to the loan servicer.
Encourage students to make monthly payments on their Federal student loans by providing the borrower accurate Federal Student Loan account information including payment amount and Loan Servicer contact information.
Discuss repayment arrangements with borrowers.
Advise delinquent borrowers about deferment and forbearance eligibility.
Follow up via email and telephone with students who are or become delinquent on their Federal Student Loans.
Contact students who have graduated or withdrawn from school to ensure they understand their upcoming loan payments and repayment responsibility.
Provide adequate telephone coverage for incoming and outgoing calls.This includes answering questions about student loans, including repayment options, delinquencies and default.
Review accounts to ensure the accuracy of information, act as a liaison between the borrower and the service provider, and ensure that all applicable requirements have been met.
Check accuracy of draft cohort rates, identify challenges and submit cohort default challenges as appropriate.
Meet annual Gainful Employment reporting and challenge requirements by submitting information for each award year and submitting data challenges for incorrect information.
Administrative Capability and Cash Management (20%)
Post Title IV cash within 3 business days to meet Department of Education regulations.
Transfer funds between bank accounts to meet Department of Education regulations.
Batch and post Non-Title IV aid daily.
Schedule stipends for students weekly to meet Department of Education regulations of 14 days.
Meet all reporting requirements established by Department of Education.
Administer disbursements and ensure COD disbursement dates match Student Information System.
Post and deposit all payments to the student's ledger card timely and review for accuracy.
Billing / Adjustments (20%)
Bill tuition, fees, and books on scheduled billing dates established by the college and review for accuracy.
Post and reconcile all discounts, scholarships, and other fund sources.
Identify and resolve student billing discrepancies.
Process tuition adjustments based on course changes.
Bill all third party agencies at the beginning of each month/quarter and maintain customer service focused relationship with agencies and vendors.
Process student statement requests.
Post monthly write-offs on delinquent accounts.
Assist with 1098-T preparation and manage 1098-T inbox.
Requirements and Qualifications:
Bachelor's degree in Business, Accounting or Finance is required.
Minimum of two to four years of Business/Accounting/Financial Aid experience in a post-secondary education environment is preferred.
This position requires strong written and verbal communication skills with the ability to work independently and as a team.
Excellent organization and time management skills are necessary. This position requires continual attention to detail, the ability to handle multiple priorities, meet deadlines and maintain flexibility in a fast-paced work environment.
Requires strong analytical and problem solving capabilities.
Ability to work independently and as a part of a team.
Must be proficient in Microsoft Office Suite, with an emphasis on Outlook, Word, Excel, and Power Point.
Excellent oral and written communication skills.
Ability to work a flexible schedule including evening and weekend hours.
Experience with financial aid, collections, or accounting is desired.
Maintains strictest confidentiality.
About Rasmussen College
Rasmussen College is a regionally accredited private college that is dedicated to changing lives and the communities it serves through high-demand and flexible educational programs. Since 1900, the College has been committed to academic innovation and providing the highest standard of education while empowering students to pursue a college degree. Rasmussen College offers certificate and diploma programs through associate's, bachelor's and master's degree programs online and across its 22 Midwest and Florida campuses. A pioneer in online education, the College is helping lead advancements in innovations such as competency-based education and comprehensive student support services that help working adults advance their careers. The College is also committed to providing a positive impact on society through public service and a variety of community-based initiatives. For more information about Rasmussen College, please visit rasmussen.edu.
At Rasmussen, we are proud to be an equal opportunity employer. We are committed supporting and encouraging diversity in the workplace. We welcome our employee's differences regardless of race, color, creed, religion, gender, national origin, sexual orientation, marital status, age, gender identity, disability or veteran status.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities.
Please view Equal Employment Opportunity Posters provided by OFCCP here.
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)
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