Finance Professional (Collections): $40,000-$44,000 DOQ

Responsibilities include independently coordinating collections on an assigned portfolio consisting of various stages of delinquent accounts for the Twin Cities, Rochester, Crookston and Morris campuses. The incumbent works independently to accomplish within procedure guidelines, the timely resolution of delinquencies (for example: student accounts and student loans). An essential responsibility is to ensure contact with students, both former and current, and to keep them informed of their options on their account. The Student Account Representatives in the Office of Student Finance are responsible for managing and servicing approximately $60 million of outstanding loans and approximately $40 million of outstanding tuition and fee receivables.

Collection of Delinquent Accounts: (40%)

• Perform due diligence on all accounts, as prescribed by federal regulation, federal & state law, and University policy.
• Use professional judgment and discretion to determine appropriate action to be taken such as letters, e-mail and telephone calls.
• Utilize tools available such as CLEAR, social media, on-line phone books to skip trace non-responsive debtor and their employment
• Compose correspondence to debtors based on professional judgment of individual situations, such as determining payment schedules or questions regarding the nature of their debt, and actions to be taken.
• Negotiate and authorize settlements on delinquent accounts based on specific guidelines.
• Process and file incoming bankruptcy claims, discharges and dismissals, locate bankruptcy filings when notified by other sources, and monitor bankruptcy status.
• Monitor accounts to determine which accounts are sent to a collection agency, filed with revenue recapture, sued in conciliation court or recommended for write-off.
• Review incoming payments to ensure accurate posting to the debtor’s account(s).
• Proactively and thoroughly investigate complaints from university departments and debtors; assist with problem resolution.
• Effectively manage workload in a high volume office with frequent interruptions and/ or distractions.
• Analyze and reconcile reports, queries, university and national systems (NSLDS, COD, PeopleSoft, ECSI, credit bureaus) to determine and apply adjustments where needed (examples: adjustments to accounts with collection agencies and multi-institutional).
• Process incoming forms from students/former students such as deferment, cancellation, disability, waivers and appeals.

Customer Service: (20%)

• Provide excellent customer service via phone, e-mail and in person contact for university departments, students/ former students and authorized third parties.
• Educate students/former students on their rights and responsibilities in regards to their signed contracts and promissory notes.
• Collaborate with other university departments and external customers to assist students/former students to resolve issues.
• Proactively manage challenging, delicate and emotional financial discussions that affect students/former students to resolve dilemmas without the intervention of management.
• Assist our customers in the understanding of federal & state laws, university policies & procedures.
• Explain the benefits of accounts being collected internally versus externally and provide possible steps to resolve the account prior to such action being taken.

Advise, Investigate and Problem Solve: (20%)

• Advise and instruct students/former students, agencies, and university departments regarding filing appeals when appropriate.
• Troubleshoot with groups such as (but not limited to) the Registrar, One Stop Student Services, housing, bookstore, technical services, collegiate units, and outside organizations on necessary process corrections, account adjustments, payments and petitions.
• Explain rights and responsibilities regarding but not limited to billing, repayment, holds, and payment plans to students/former students, internal university departments, and external vendors.
• Counsel and advise student/former students on issues that could impact their debt such as but not limited to: financial aid options, withdrawing from classes, enrollment status, entitlement eligibility, billing and payments.
• Counsel students/former students regarding settlement of their delinquent accounts.
• Investigate and verify account records in response to credit disputes received from national credit bureaus; providing a timely and accurate response to those inquiries.
• Use national databases to assist in resolving account problems. (such as National Student Loan Data System, US Dept. of Education COD, Pacer bankruptcy records, credit bureaus).

Review and Apply Policies and Procedures: (15%)

• Appeals Committee - serving, advising and using professional judgment in making committee decisions.
• Apply University policies and procedures, being sure to abide by state and federal laws affecting the billing and collection of debts, handling of student records and financial aid.
• In all communications with customers, we must assure we are in compliance with all federal and state laws such as FERPA, FDCPA, TCPA, FCRA, HIPAA, GLB, TILA/Regulation Z, and Title IV, VII, & VIII, as failure to comply may result in loss of federal & state financial aid programs, legal ramifications, and ramifications for the University's reputation and financial penalties.
• Serve as representative for the university in court.
• Follow university policy and federal law in determining allowable settlement offers.
• Follow federal bankruptcy law when working with bankrupt accounts.
• Review and process late / payment plan fee waiver appeals.
• Periodically review internal business processes and offer areas of improvement in an effort to streamline office procedures.

Other duties as assigned: (5%)

**The University of Minnesota offers a comprehensive benefits package including:

• Competitive wages, paid holidays, vacation, and sick leave
• Low cost medical, dental, and pharmacy plans
• Health care and dependent daycare flexible spending accounts
• Excellent retirement plans with employer match
• Disability and employer paid life insurance
• Wellbeing program with reduced insurance premiums
• Tuition reimbursement opportunities covering 75%-100% of eligible tuition
• Student loan forgiveness opportunity
• Opportunities for growth and promotion
• Employee Assistance Program

REQUIRED QUALIFICATIONS:

• Bachelor’s degree with at least 2 years of professional accounting work experience in a position involving collections, or a combination of related education and work experience, two years of which must be in collections, to equal 6 years.
• Effective communication and customer service skills.
• Working knowledge of federal collection laws.

PREFERRED QUALIFICATIONS:

• Knowledge of financial aid regulations.
• Knowledge of federal student loan regulations and University loan policy.
• Familiarity with the University of Minnesota.
• Experience working in collections within a higher education setting.