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Loan Counselor

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All About Loan Counselors

Loan Counselor Example 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

  • Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
  • Confer with underwriters to resolve mortgage application problems.
  • Submit applications to credit analysts for verification and recommendation.
  • Compare data on student aid applications with eligibility requirements of assistance programs.
  • Approve loans within specified limits.
  • Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.

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 Jobs

  • Commercial Lending Vice President
  • Eligibility Consultant
  • Financial Aid Counselor
  • Financial Aid Director
  • Financial Assistant

What Kind of Loan Counselor Job Opportunities Are There?

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.

How Much Does a Loan Counselor Make?

The salary for Loan Counselors ranges between about $30,440 and $76,690 a year.

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

What Tools & Technology 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

How to Become a Loan Counselor

What kind of Loan Counselor requirements are there?

Loan Counselor Degree Level

How Long Does it Take to Become a Loan Counselor?

Loan Counselor Work Experience

Where do Loan Counselors Work?

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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