What Do Loan Counselor Do?
Loan Counselor Job 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.
Life As a Loan Counselor: What Do They Do?
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Match students’ needs and eligibility with available financial aid programs to provide informed recommendations.
- Authorize or sign mail collection letters.
- Contact creditors to explain clients’ financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
- Open accounts for clients and disburse funds from clients’ accounts to creditors.
- Supervise loan personnel.
Qualities of a Loan Counselor
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
- Financial Aid Administrator
- Financial Aid Technician
- Financial Assistance Advisor
- Financial Assistant
- Financial Aid Advisor
What Kind of Loan Counselor Job Opportunities Are There?
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.
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
Loan Counselors make between $30,440 and $76,690 a year.
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|
|District of Columbia||$77,690|
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
- FileMaker Pro
- Oracle PeopleSoft
- Microsoft Internet Explorer
- Student information systems SIS
How do I Become a Loan Counselor?
Are there Loan Counselors education requirements?
How many years of work experience do I need?
Who Employs Loan Counselors?
The table below shows the approximate number of Loan Counselors employed by various industries.
Those interested in being a Loan Counselor may also be interested in:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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