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Loan Counselor

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What Do Loan Counselor Do?

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.

Life As a Loan Counselor

  • Confer with underwriters to resolve mortgage application problems.
  • Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
  • Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
  • Refer loans to loan committees for approval.
  • Analyze potential loan markets to find opportunities to promote loans and financial services.
  • Maintain current knowledge of credit regulations.

Qualities of a Loan Counselor

Loan Counselors state the following job skills are important in their day-to-day work.

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.

Other Loan Counselor Job Titles

  • Financial Aid Director
  • Farm Mortgage Agent
  • Financial Aid Technician
  • Financial Aid Officer
  • Loan Counselor

Are There Job Opportunities for Loan Counselors?

There were about 38,300 jobs for Loan Counselor in 2016 (in the United States). 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. Due to new job openings and attrition, there will be an average of 3,800 job openings in this field each 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.

Loan Counselor Average Salary

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

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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 & 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 do I Become a Loan Counselor?

Individuals working as a Loan Counselor have obtained the following education levels:

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What work experience do I need to become a Loan Counselor?

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Where Loan Counselors Are Employed

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Below are examples of industries where Loan Counselors work:

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Similar Careers

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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