How to hire a student loan collector

How to hire a student loan collector, step by step

Here's a step-by-step student loan collector hiring guide:

• Step 1: Identify your hiring needs
• Step 2: Create an ideal candidate profile
• Step 3: Make a budget
• Step 4: Write a student loan collector job description
• Step 5: Post your job
• Step 6: Interview candidates
• Step 7: Send a job offer and onboard your new student loan collector
• Step 8: Go through the hiring process checklist

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1. Identify your hiring needs

   Before you start hiring a student loan collector, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.

   Determine employee vs contractor status

   Is the person you're thinking of hiring a US citizen or green card holder?

   Yes

   No

   You should also consider the ideal background you'd like them a student loan collector to have before you start to hire. For example, what industry or field would you like them to have experience in, what level of seniority or education does the job require, and how much it'll cost to hire a student loan collector that fits the bill.

   The following list breaks down different types of student loan collectors and their corresponding salaries.

   Type of Student Loan Collector	Description	Hourly rate
   Student Loan Collector	Bill and account collectors, sometimes called collectors, try to recover payment on overdue bills. They negotiate repayment plans with debtors and help them find solutions to make paying their overdue bills easier.	$12-22
   Account Representative	Account representatives are employees who manage client accounts and act as the main contact of the clients they are handling. They maintain existing accounts by updating client details regularly... Show more	$12-24
   Collections/Accounts Receivable	An officer for collections/accounts receivable is in charge of a company's financial activities, ensuring that they receive payment from clients. They primarily focus on overseeing all billing and invoices, processing and verifying all receipts and rendered services, maintaining an accurate record of all transactions, producing reports and presentations, reviewing account and payment histories, and ensuring the accuracy of all processes involving the matter... Show more	$14-23

   Show more

2. Create an ideal candidate profile

   Common skills:

   • Student Loan Accounts
   • Customer Service
   • Delinquent Accounts
   • FDCPA
   • State Laws
   • Payment Arrangements
   • Debt Repayment
   • Past Due Accounts
   • Past Due Loans
   • Credit Card
   • Federal Regulations
   • Loan Payments
   • Customer Accounts
   • Legal Action

   Check all skills

   Responsibilities:

   • Monitor all assign accounts by reviewing the client's aging, manage all potential bad debit, DSO, aging.
   • Provide effective and timely resolution whilst strictly adhering to the FDCPA regulations and policies.
   • Supervise a group of 12 collectors and ensuring that FDCPA rules and regulations are followed.
   • Maintain existing customer base by building strong relationships that includes contract negotiation and customer issue resolution.
   • Research patient account information and make contact with insurance carriers to determine patient eligibility for Medicare benefits.
   • Secure modification documents including HAMP and bank require documents.

3. Make a budget

   Including a salary range in your student loan collector job description is one of the best ways to attract top talent. A student loan collector can vary based on:

   • Location. For example, student loan collectors' average salary in south dakota is 45% less than in connecticut.
   • Seniority. Entry-level student loan collectors 45% less than senior-level student loan collectors.
   • Certifications. A student loan collector with certifications usually earns a higher salary.
   • Company. Working for an established firm or a new start-up company can make a big difference in a student loan collector's salary.

   Average student loan collector salary

   $35,477yearly

   $17.06 hourly rate

   ---

   Entry-level student loan collector salary

   $26,000 yearly salary

   Updated December 13, 2025

4. Writing a student loan collector job description

   A good student loan collector job description should include a few things:

   • Summary of the role
   • List of responsibilities
   • Required skills and experience

   Including a salary range and the first name of the hiring manager is also appreciated by candidates. Here's an example of a student loan collector job description:

   Student loan collector job description example

   **If you are a current FIB employee, please apply through the Career Worklet in the Employee Portal.
   This position will be located in Billings, MT.
   
   SUMMARY
   The Loan Collector is responsible for the daily collection of payment on assigned delinquent accounts by reviewing documentation, system information, contacting the customer by telephone and/or written correspondence and arranging repayment schedules in order to minimize loss to the bank.
   
   ESSENTIAL DUTIES & RESPONSIBILITIES include the following; other duties may be assigned.
   Works assigned queues to collect delinquent accounts by phone or mail Negotiates arrangements with customer to bring accounts current Documents Collector activity and maintains records/notes/comments within the Collection system Produces appropriate delinquent/collection letters per established guidelines Works closely with customer on repayment programs Responds to customer inquiries, requests and problems Payment processing Skip Tracing as required to locate customer contact information Prepares and submits loan accounting system maintenance requests Prepares and submits Change in TermsInsurance processing (understand and discuss forced place insurance policies, payment changes and refunded As applicable, works closely with Investors and/or Insurers to resolve delinquencies As applicable, keeps up to date on Investor and/or Insurer policy changes Maintains delinquency ratios per established goals Exhibits an understanding of applicable federal regulations, policies and procedures necessary to correctly collect debt as well as regulatory and/or Investor requirements
   
   QUALIFICATIONS
   To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
   
   EDUCATION and/or EXPERIENCE
   High School diploma or equivalent required. Prefer one or more (1+) years' experience in a financial institution with a focus on lending, collections and/or customer service activities.
   
   OTHER SKILLS & ABILITIES
   Computer skills essential, including Word, Excel and Outlook. Requires initiative and solid judgement with oral/written communication skills including facilitation. Ability to prioritize work and remain adaptable under pressure. Good time management and organizational skills evidenced in previous assignments. Self-starter and works under Supervisor/Team Lead direction and has strong verbal and written communication skills. Ability to appropriately escalate issues requiring problem solving and decision making
   
   LANGUAGE SKILLS
   Ability to read and interpret documents such as safety rules, operating and maintenance Instructions, and procedure manuals. Ability to write routine reports and correspondence. Ability to speak effectively before groups of customers or employees of organizations.
   
   MATHEMATICAL SKILLS
   Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference and volume. Ability to apply concepts of basic algebra and geometry.
   
   REASONING ABILITY
   Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
   
   PHYSICAL DEMANDS
   While performing the duties of this job, the employee is regularly required to walk and talk or hear. The employee frequently is required to stand and sit. The employee is occasionally required to use hands to finger, handle, or feel; reach with hands and arms; and stoop, kneel, crouch, or crawl. The employee must frequently lift and/or move up to 50 pounds. Specific vision abilities required by this job include close vision.
   
   WORK ENVIRONMENT
   The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
   
   The noise level in the work environment is usually moderate.
   **If you are a current FIB employee, please apply through the Career Worklet in the Employee Portal.

   Copy this example

   

5. Post your job

   There are various strategies that you can use to find the right student loan collector for your business:

   • Consider promoting from within or recruiting from your existing workforce.
   • Ask for referrals from friends, family members, and current employees.
   • Attend job fairs at local colleges to find candidates who meet your education requirements.
   • Use social media platforms like LinkedIn, Facebook, and Twitter to reach potential job candidates.

   To find student loan collector candidates, you can consider the following options:

   • Post your job opening on Zippia or other job search websites.
   • Use niche websites that focus on engineering and technology jobs, such as efinancialcareers, financialjobsweb.com, careerbank, financial job bank.
   • Post your job on free job posting websites.

6. Interview candidates

   Your first interview with student loan collector candidates should focus on their interest in the role and background experience. As the hiring process goes on, you can learn more about how they'd fit into the company culture in later rounds of interviews.

   Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates can move on to the technical interview.

   The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

7. Send a job offer and onboard your new student loan collector

   Once you have selected a candidate for the student loan collector position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.

   It's equally important to follow up with applicants who don't get the job with an email letting them know that the position has been filled.

   To prepare for the new employee's start date, you can create an onboarding schedule and complete any necessary paperwork, such as employee action forms and onboarding documents like I-9 forms, benefits enrollment, and federal and state tax forms. Human Resources should also ensure that a new employee file is created.

8. Go through the hiring process checklist

   • Determine employee type (full-time, part-time, contractor, etc.)
   • Submit a job requisition form to the HR department
   • Define job responsibilities and requirements
   • Establish budget and timeline
   • Determine hiring decision makers for the role
   • Write job description
   • Post job on job boards, company website, etc.
   • Promote the job internally
   • Process applications through applicant tracking system
   • Review resumes and cover letters
   • Shortlist candidates for screening
   • Hold phone/virtual interview screening with first round of candidates
   • Conduct in-person interviews with top candidates from first round
   • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
   • Conduct background checks on top candidates
   • Check references of top candidates
   • Consult with HR and hiring decision makers on job offer specifics
   • Extend offer to top candidate(s)
   • Receive formal job offer acceptance and signed employment contract
   • Inform other candidates that the position has been filled
   • Set and communicate onboarding schedule to new hire(s)
   • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)

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