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Loan Counselors

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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.

  • 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.

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

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.

Salary Ranges for Loan Counselors

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

Annual Mean Salary by State
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?

Loan Counselor Degree Level

How many years of work experience do I need?

Loan Counselor Work Experience

Where Loan Counselors Are Employed

Loan Counselor Sectors

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

  • Loan Officers

References

Bureau of Labor Statistics

College Factual

O*NET Online

Image Credit: Via Wikimedia Commons

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