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.
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.
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|
|District of Columbia||$77,690|
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
- 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?
What work experience do I need to become a Loan Counselor?
Where Loan Counselors Are Employed
Loan Counselors work in the following industries:
Those thinking about becoming a Loan Counselor might also be interested in the following careers:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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