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Loan Counselor

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What Do Loan Counselor Do?

Career Description Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.

Loan Counselor Responsibilities

  • Submit applications to credit analysts for verification and recommendation.
  • Maintain current knowledge of credit regulations.
  • Match students’ needs and eligibility with available financial aid programs to provide informed recommendations.
  • Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
  • Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Establish payment priorities according to credit terms and interest rates to reduce clients’ overall costs.

What a Loan Counselor Should Know

These are the skills Loan Counselors say are the most useful in their careers:

Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Speaking: Talking to others to convey information effectively.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Active Learning: Understanding the implications of new information for both current and future problem-solving and decision-making.

Writing: Communicating effectively in writing as appropriate for the needs of the audience.

Types of Loan Counselor

  • Peer Financial Counselor
  • Financial Aid Technician
  • Financial Aid Officer
  • Loan Counselor
  • Financial Aid Coordinator

Loan Counselor Employment Estimates

In the United States, there were 38,300 jobs for Loan Counselor in 2016. New jobs are being produced at a rate of 13.8% which is above the national average. The Bureau of Labor Statistics predicts 5,300 new jobs for Loan Counselor by 2026. There will be an estimated 3,800 positions for Loan Counselor per year.

Forecasted Number of Jobs for Loan Counselors in U.S.

The states with the most job growth for Loan Counselor are Utah, North Dakota, and Idaho. Watch out if you plan on working in Wyoming, Vermont, or Maine. These states have the worst job growth for this type of profession.

Loan Counselor Average Salary

The typical yearly salary for Loan Counselors is somewhere between $30,440 and $76,690.

Salary Ranges for Loan Counselors

Loan Counselors who work in District of Columbia, New Jersey, or Nevada, make the highest salaries.

How much do Loan Counselors make in different U.S. states?

State Annual Mean Salary
Alabama $48,260
Arizona $45,880
Arkansas $49,770
California $53,170
Connecticut $57,500
Delaware $52,360
District of Columbia $77,690
Florida $45,530
Georgia $51,720
Hawaii $47,810
Idaho $42,490
Illinois $47,290
Indiana $45,030
Iowa $43,690
Kansas $47,910
Kentucky $44,590
Louisiana $36,840
Maine $40,880
Maryland $47,330
Massachusetts $57,600
Michigan $48,340
Minnesota $51,190
Mississippi $42,660
Missouri $53,250
Montana $44,540
Nevada $56,510
New Hampshire $45,850
New Jersey $68,360
New Mexico $37,870
New York $60,520
North Carolina $54,400
North Dakota $43,330
Ohio $51,200
Oklahoma $42,290
Oregon $48,090
Pennsylvania $55,770
Rhode Island $59,760
South Carolina $45,320
South Dakota $38,900
Tennessee $48,560
Texas $46,160
Utah $38,070
Virginia $50,860
Washington $48,230
West Virginia $38,910
Wisconsin $39,860
Wyoming $50,960

Tools & Technologies Used by Loan Counselors

Below is a list of the types of tools and technologies that Loan Counselors may use on a daily basis:

  • Microsoft Excel
  • Microsoft Word
  • Microsoft Office
  • Microsoft PowerPoint
  • Microsoft Outlook
  • Web browser software
  • Microsoft Access
  • Data entry software
  • SAP
  • FileMaker Pro
  • Oracle PeopleSoft
  • Microsoft Internet Explorer
  • Student information systems SIS

How do I Become a Loan Counselor?

What kind of Loan Counselor requirements are there?

Loan Counselor Degree Level

What work experience do I need to become a Loan Counselor?

Loan Counselor Work Experience

Where Loan Counselors Are Employed

Loan Counselor Sectors

Loan Counselors work in the following industries:

Loan Counselor Industries

Those thinking about becoming a Loan Counselor might also be interested in the following careers:

References:

Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic

More about our data sources and methodologies.

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