Life As a Loan Counselor
Occupation 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.
Daily Life Of a Loan Counselor
- Advise students on available financial-aid awards.
- Maintain and review account records, updating and recategorizing them according to status changes.
- Locate debtors using post office directories, utility services account listings, or mailing lists.
- Confer with underwriters to resolve mortgage application problems.
- Interview applicants and request specified information for loan applications.
- Contact creditors to explain clients’ financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
What a Loan Counselor Should Know
Loan Counselors state the following job skills are important in their day-to-day work.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
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.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Related Job Titles
- Financial Assistance Advisor
- Financial Assistance Specialist
- Financial Aid Counselor
- Commercial Lending Vice President
- Financial Assistant
Loan Counselor Employment Estimates
In the United States, there were 38,300 jobs for Credit Counselors in 2016.
New jobs are being produced at a rate of 13.8% which is lower than average. The Bureau of Labor Statistics predicts 5,300 new jobs for Loan Counselors by 2026. Due to new job openings and attrition, there will be an average of 3,800 job openings in this field each year.
The states with the most job growth for Credit Counselors are Arizona, Florida, and California.
Watch out if you plan on working in Wyoming, Vermont, or West Virginia. These states have the worst job growth for this type of profession.
What is the Average Salary of a Loan Counselor
The average yearly salary of a Loan Counselor ranges between $30,440 and $76,690. The median salary for this occupation is $45,180.
How much do Credit Counselors make in different U.S. states?
| State | Annual Mean Salary |
|---|---|
|
District of Columbia |
$77,690 |
|
New Jersey |
$68,360 |
|
New York |
$60,520 |
|
Rhode Island |
$59,760 |
|
Massachusetts |
$57,600 |
|
Connecticut |
$57,500 |
|
Nevada |
$56,510 |
|
Pennsylvania |
$55,770 |
|
North Carolina |
$54,400 |
|
Missouri |
$53,250 |
|
California |
$53,170 |
|
Delaware |
$52,360 |
|
Georgia |
$51,720 |
|
Ohio |
$51,200 |
|
Minnesota |
$51,190 |
|
Wyoming |
$50,960 |
|
Virginia |
$50,860 |
|
Arkansas |
$49,770 |
|
Tennessee |
$48,560 |
|
Michigan |
$48,340 |
|
Alabama |
$48,260 |
|
Washington |
$48,230 |
|
Oregon |
$48,090 |
|
Kansas |
$47,910 |
|
Hawaii |
$47,810 |
|
Maryland |
$47,330 |
|
Illinois |
$47,290 |
|
Texas |
$46,160 |
|
Arizona |
$45,880 |
|
New Hampshire |
$45,850 |
|
Florida |
$45,530 |
|
South Carolina |
$45,320 |
|
Indiana |
$45,030 |
|
Kentucky |
$44,590 |
|
Montana |
$44,540 |
|
Iowa |
$43,690 |
|
North Dakota |
$43,330 |
|
Mississippi |
$42,660 |
|
Idaho |
$42,490 |
|
Oklahoma |
$42,290 |
|
Maine |
$40,880 |
|
Wisconsin |
$39,860 |
|
West Virginia |
$38,910 |
|
South Dakota |
$38,900 |
|
Utah |
$38,070 |
|
New Mexico |
$37,870 |
|
Louisiana |
$36,840 |
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 Outlook
- Microsoft Access
- Microsoft Excel
- Microsoft Word
- Data entry software
- SAP
- Datatel Colleague
- Microsoft Office
- Oracle PeopleSoft
- Microsoft PowerPoint
Becoming a Loan Counselor
Are there Loan Counselor education requirements?
How many years of work experience do I need?
Where Loan Counselors Are Employed
Related Careers
Those interested in being a Loan Counselor may also be interested in:
- Loan Officers
References
Image Credit: Via Wikimedia Commons
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