Top 11 Financial Aid Counselor Certifications

Certifications are important for financial aid counselors in the job market because they demonstrate a level of expertise and knowledge about the profession. Employers want to hire individuals who have proven their ability to handle complex financial aid tasks, so having a certification signals that an individual is qualified for the job. Certifications also show that an individual has taken the time and effort to stay up-to-date on current trends and regulations related to financial aid. This shows employers that a person has the dedication, skills, and knowledge necessary to be successful in their role as a financial aid counselor.

The purpose of this article is to review some of the most beneficial certifications for Financial Aid Counselors and explain how they can help advance a financial aid counselor's career.

What are Financial Aid Counselor Certifications?

Financial aid counselor certification is a professional credential designed to help counselors better serve their clients and help them understand the intricacies of financial aid. This certification is offered by several organizations, including the National Association of Student Financial Aid Administrators (NASFAA) and the American Association of Financial Aid Counselors (AAFC). To obtain certification, counselors must pass an exam that covers topics such as federal student aid programs, college costs, types of financial aid, and financial literacy.

Having this certification helps counselors stay up-to-date on the latest information regarding financial aid and provides them with specialized knowledge in this area. It also serves as a signal to students and families that they are working with someone who has been trained in understanding how to maximize their financial aid opportunities. Certification can also be beneficial for counselors when seeking employment or advancement in their careers. Employers often look for credentials like these when hiring or promoting a financial aid counselor.

Pro Tip: Make sure to check the requirements for financial aid counselor certification in your state. Different states have different regulations and certifications that you must meet in order to practice as a financial aid counselor. Be sure to research these requirements and make sure you are meeting them before beginning your practice.

Related: What does a Financial Aid Counselor do?

Top 11 Financial Aid Counselor Certifications

Here’s our list of the best certifications available to Financial Aid Counselors today.

1. Certified Financial Aid Administrator (CFAA)

Certified Financial Aid Administrator (CFAA) is a professional certification awarded by the National Association of Student Financial Aid Administrators (NASFAA). The CFAA designation recognizes individuals who have demonstrated excellence in the field of student financial aid administration.

To become a Certified Financial Aid Administrator, an individual must meet certain criteria and pass an exam administered by NASFAA. To be eligible to take the exam, applicants must have at least three years of full-time professional experience in student financial aid administration, or five years of part-time experience. Applicants must also have earned a bachelor’s degree from an accredited college or university.

The CFAA exam consists of two parts: a multiple-choice section and an essay section. The multiple-choice section covers topics such as federal regulations, institutional policies, and financial aid processes. The essay section requires applicants to demonstrate their knowledge and understanding of the subject matter by responding to questions related to case studies.

The cost for taking the CFAA exam is $275 for NASFAA members and $375 for non-members. It typically takes about four weeks to receive results from the exam once it has been taken. Upon successful completion of the exam, individuals are awarded a certificate that is valid for five years.

2. Certified Student Loan Counselor (CSLC)

Certified Student Loan Counselor (CSLC) is a professional certification for individuals who provide student loan counseling. The certification is offered by the National Association of Certified Student Loan Professionals (NACSLP). To become a CSLC, an individual must complete a comprehensive training program and pass an exam.

The training program takes approximately 20 hours to complete and includes a combination of self-study and live webinars. The program covers topics such as student loan repayment options, loan consolidation, debt management, budgeting, credit counseling, and more. Upon successful completion of the training program, an individual can take the CSLC Exam.

The CSLC Exam consists of multiple-choice questions that assess the candidate’s knowledge of student loan counseling principles and practices. The exam fee is $295 USD and it must be taken at an authorized testing center. Once you pass the exam you will receive your official CSLC certification from NACSLP.

The cost of becoming certified as a CSLC varies depending on the provider offering the course and exam fees. Generally speaking, it can cost anywhere from $500-$1,000 USD to become certified as a CSLC.

3. Certified College Financial Planning Specialist (CCFPS)

The Certified College Financial Planning Specialist (CCFPS) is a professional certification program offered by the National Institute of Certified College Planners. It is designed to recognize professionals who have achieved a high level of knowledge and experience in the field of college financial planning. The certification requires applicants to pass an exam that covers topics such as college savings strategies, student loan repayment options, and financial aid eligibility requirements.

It typically takes about six months to prepare for the CCFPS exam. During this time, applicants should review the study materials provided by the National Institute of Certified College Planners and take practice tests to ensure they are prepared for the actual exam. Additionally, applicants may want to attend seminars or webinars related to college financial planning.

To become certified, applicants must submit an application and pay a fee of $395. After submitting their application, they will receive an email with instructions on how to register for the exam. Once registered, applicants can take the exam at any Prometric testing center across the United States.

Once applicants pass their exam, they will be awarded their CCFPS certification and will be able to use it on business cards and other marketing materials. They will also gain access to resources from the National Institute of Certified College Planners such as newsletters, webinars, and discounts on continuing education courses.

4. Certified Financial Planner (CFP)

A Certified Financial Planner (CFP) is a professional designation awarded by the Certified Financial Planner Board of Standards, Inc. to individuals who have completed a rigorous course of study and passed an examination in financial planning. CFPs are required to complete continuing education requirements on an ongoing basis to maintain their certification.

The process for becoming a CFP typically takes two years or more, depending on the individual's educational background and experience. The first step is to complete the CFP Board’s Education Program, which consists of seven core courses covering topics such as investments, retirement planning, estate planning, insurance, taxation, and ethics. Once the program has been completed, the individual must pass the CFP Certification Examination. This exam covers topics such as financial analysis and decision-making; investment planning; risk management; tax planning; retirement planning; and estate planning.

To become a CFP, individuals must also meet certain additional requirements such as having at least three years of full-time experience in personal financial planning or related fields, passing a background check conducted by the CFP Board, and agreeing to abide by its Code of Ethics and Professional Responsibility.

The cost for becoming a CFP can vary greatly depending on the individual's educational background and experience level. Generally speaking, it will cost between $2,000-$4,000 for tuition fees associated with completing the Education Program plus exam fees for taking the Certification Examination ($695). Additionally there may be other costs associated with studying for the exam such as books or online resources that could add up to several hundred dollars more.

5. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional certification offered by the CFA Institute. It is an advanced credential designed to measure and certify the competence and integrity of financial analysts, portfolio managers, and investment advisors. The CFA designation is one of the most respected credentials in the finance industry, and it is highly sought after by employers.

The CFA program consists of three levels of exams that must be completed within a four-year period. Each level requires approximately 300 hours of study time, so it can take up to four years to complete the entire program. To become a CFA charterholder, candidates must pass all three levels of exams and have at least 48 months of qualified work experience in the investment decision-making process.

To get started with the CFA program, you will need to register with the CFA Institute and pay an enrollment fee. You will then receive access to study materials and practice exams that you can use to prepare for each level of exam. Once you have passed all three levels, you will need to submit your application for review by the CFA Institute before being awarded your charter.

The cost for enrolling in the CFA Program varies depending on your country or region but typically ranges from $1,000-$2,500 USD per level plus additional fees for registration and membership dues.

6. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to an individual who has passed the Uniform CPA Examination and met additional state education and experience requirements for certification as a CPA. CPAs are licensed by their respective states and must adhere to ethical standards set forth by the American Institute of Certified Public Accountants (AICPA).

The process of becoming a CPA varies from state to state, but generally includes the following steps:

1. Education Requirement: Most states require candidates to have at least 150 semester hours of college credit in accounting and related subjects, including a bachelor’s degree.

2. Exam Requirement: Candidates must pass the Uniform CPA Examination administered by the National Association of State Boards of Accountancy (NASBA). The exam consists of four sections that cover topics such as auditing, taxation, financial accounting, and business law.

3. Experience Requirement: Most states also require applicants to have one year or more of professional experience in public accounting or related fields before they can be certified as a CPA.

4. Application Process: Once all requirements have been met, candidates must submit an application to their respective state board of accountancy for review and approval before they can become certified as a CPA.

The cost for becoming a CPA varies depending on the state in which you are applying; however, it typically includes fees for taking the exam, application fees, licensing fees, and continuing education courses necessary for maintaining your license.

7. Certified Financial Education Instructor (CFEI)

Certified Financial Education Instructor (CFEI) is an educational certification program designed to equip individuals with the knowledge and skills needed to teach financial literacy. The program was developed by the National Financial Educators Council (NFEC), a non-profit organization that promotes financial literacy worldwide.

The CFEI certification requires applicants to complete a series of online courses, including topics such as personal finance, budgeting, debt management, investing, retirement planning and more. After completing the courses, applicants must pass a comprehensive exam in order to become certified.

The entire process typically takes between 6-12 weeks depending on the individual’s availability and commitment to completing the program. To get started, applicants need to register for the CFEI program through the NFEC website and pay a one-time fee of $249 USD.

Once certified, instructors can use their credentials to gain access to additional resources such as teaching materials and professional development opportunities. They can also leverage their certification when applying for jobs or pursuing other educational opportunities related to financial education.

8. Accredited Financial Counselor (AFC)

Accredited Financial Counselor (AFC) is a professional designation given to individuals who have completed a comprehensive training program in financial counseling and education. The Accredited Financial Counselor designation is offered by the Association for Financial Counseling and Planning Education (AFCPE), a non-profit organization dedicated to advancing the field of financial counseling and planning.

To become an Accredited Financial Counselor, individuals must complete the AFCPE’s Accredited Financial Counseling Certification Program. This program consists of four courses: Foundations of Financial Counseling & Education, Money Management & Credit, Consumer Lending & Debt Management, and Retirement Planning & Employee Benefits. Each course must be completed within 12 months of starting the program.

The cost of the program varies depending on whether you are an AFCPE member or not. For members, the cost is $1,495; for non-members, it is $1,595. Payment plans are available for both membership types.

Once you have successfully completed all four courses, you will be eligible to take the certification exam which will assess your knowledge of financial counseling and education topics. Upon successful completion of the exam, you will receive your Accredited Financial Counselor designation from AFCPE.

9. National Association of Student Financial Aid Administrators Certification Program

The National Association of Student Financial Aid Administrators (NASFAA) Certification Program is a professional development program designed to help financial aid administrators stay current with the ever-changing regulations and best practices in the field. The program consists of two levels: Certified Financial Aid Administrator (CFAA) and Master Financial Aid Administrator (MFAA).

To become a CFAA, applicants must have at least three years of full-time financial aid experience, or five years of part-time experience. They must also pass an exam that covers topics such as federal student aid programs, scholarship and grant administration, loan processing, default management, and more. The exam takes approximately four hours to complete and costs $200.

To become an MFAA, applicants must have at least five years of full-time financial aid experience, or seven years of part-time experience. They must also pass an exam that covers topics such as federal student aid programs, scholarship and grant administration, loan processing, default management, financial literacy counseling for students and parents/guardians, and more. The exam takes approximately six hours to complete and costs $300.

Both exams are offered twice a year in May and October at various locations across the United States.

10. Professional Association of Student Financial Aid Administrators Certification Program

The Professional Association of Student Financial Aid Administrators (PASFAA) Certification Program is a professional certification program designed to recognize individuals who have demonstrated a high level of knowledge, skill, and experience in the field of student financial aid administration. The program is open to all financial aid professionals employed by colleges, universities, and other postsecondary institutions.

The PASFAA Certification Program consists of two parts: a written exam and an on-site assessment. The written exam covers topics such as federal regulations, institutional policies and procedures, financial aid counseling, customer service, and communication skills. The on-site assessment includes a review of the applicant’s work experience and training history as well as an interview with a panel of experts.

To be eligible for the PASFAA Certification Program, applicants must meet certain criteria including having at least two years of professional experience in student financial aid administration or related areas; having completed at least 15 hours of continuing education credits in the past three years; and having held a current membership with PASFAA for at least one year prior to applying for certification.

It typically takes four to six months to complete the certification process from start to finish. During this time frame, applicants are required to submit their application materials including transcripts, references, work experience documentation, and other supporting documents. Once these materials are received and reviewed by PASFAA staff members, applicants will be notified if they have been accepted into the program.

Once accepted into the program, applicants will be required to take the written exam which can be taken online or in person at select testing centers across the country. After passing the written exam with a score of 80% or higher, applicants will then move onto the on-site assessment portion which includes an interview conducted by a panel of experts from various fields within student financial aid administration.

The cost for the PASFAA Certification Program is $450 which includes both parts of the certification process (written exam & on-site assessment). This fee does not include any travel expenses associated with taking part in either part of the certification process such as airfare or hotel accommodations if applicable.

11. National Council on Economic Education Certification Program

The National Council on Economic Education (NCEE) Certification Program is a professional development program for educators who want to become certified in teaching economics. The program provides educators with the knowledge and skills necessary to teach economics effectively and confidently.

The NCEE Certification Program consists of two parts: an online course and a certification exam. The online course is designed to provide participants with the foundational knowledge needed to understand economic concepts, principles, and theories. It covers topics such as microeconomics, macroeconomics, international economics, public finance, money and banking, economic history, economic systems, labor markets, public policy, and more. The course typically takes approximately 15 hours to complete.

Once the online course has been completed successfully, participants can take the certification exam. This exam consists of multiple choice questions that assess the participant’s understanding of the material presented in the online course. Participants must receive a passing score on this exam in order to be awarded NCEE Certification.

The cost of the NCEE Certification Program varies depending on whether you are an individual or a member of an organization such as a school or university. For individuals, the cost is $295 USD for both the online course and certification exam; for organizations, it is $495 USD for both components.

In order to get started with the NCEE Certification Program you must first register at www.econedcertification.org/register/. Once you have registered you will be able to access the online course materials and take the certification exam when you are ready.

Do You Really Need a Financial Aid Counselor Certificate?

The answer to this question really depends on a person's individual situation. For some people, a financial aid counselor certificate may be necessary in order to gain employment as a financial aid counselor. In these cases, the certificate can provide an advantage when applying for certain positions, and may even be required for certain jobs.

However, for many people, a financial aid counselor certificate may not be necessary. If you have a good understanding of financial aid laws and regulations, and have experience working with students and families to find appropriate sources of financial aid, then you may not need the additional certification. The key is to assess your own skillset and determine whether or not the certification would be beneficial in helping you reach your goals.

In some cases, having the certification could help open up new opportunities; however, it is important to remember that simply having a certificate does not guarantee success. It is also important to continue developing your professional skills through continuing education courses and other activities related to the profession.

Ultimately, it is important that you evaluate your own situation in order to determine whether or not you need a financial aid counselor certificate. If you believe that such certification would help further your career goals and open up new opportunities for advancement, then it may be worth pursuing. However, if you feel confident in your current skillset without needing such certification, then it may not be necessary for you at this time.

Related: Financial Aid Counselor Resume Examples

FAQs About Financial Aid Counselor Certifications

1. What is a financial aid counselor certification?

Answer: A financial aid counselor certification is a professional designation that demonstrates proficiency in providing counseling services related to student financial aid. It is offered by the National Association of Student Financial Aid Administrators (NASFAA).

2. What qualifications do I need to become a certified financial aid counselor?

Answer: To become a certified financial aid counselor, you must have at least two years of professional experience in student financial aid and meet other requirements set forth by NASFAA, including passing an exam.

3. How long does it take to get certified as a financial aid counselor?

Answer: The process typically takes four to six months from the time you submit your application until you receive your certification.

4. How much does it cost to get certified as a financial aid counselor?

Answer: The cost of the application fee and exam fee can range from $200-$400 depending on what type of certification you are seeking.

5. How often do I need to renew my certification as a financial aid counselor?

Answer: Your certification must be renewed every three years in order to remain active and valid.