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Loan Counselor

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What Does it Take to Be a Loan Counselor?

Job 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.

Life As a Loan Counselor: What Do They Do?

  • Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
  • Authorize or sign mail collection letters.
  • Submit applications to credit analysts for verification and recommendation.
  • Provide entrance or exit loan counseling to students.
  • Inform individuals and groups about the financial assistance available to college or university students.
  • Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.

Loan Counselor Required Skills

Below is a list of the skills most Loan Counselors say are important on the job.

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.

  • Financial Aid Administrator
  • Loan Counselor
  • Financial Aid Counselor
  • Eligibility Consultant
  • Financial Aid Technician

Is There Job Demand for Loan Counselors?

In 2016, there was an estimated number of 38,300 jobs in the United States for Loan Counselor. 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.

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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.

Average Loan Counselors Salary

The average yearly salary of a Loan Counselor ranges between $30,440 and $76,690.

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

Below is a list of the median annual salaries for Loan Counselors 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

What Tools do Loan Counselors Use?

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

Becoming a Loan Counselor

Learn what Loan Counselor education requirements there are.

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How many years of work experience do I need?

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Where Loan Counselors Work

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Loan Counselors work in the following industries:

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Similar Careers

Those interested in being a Loan Counselor may also be interested in:

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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