What You Need to Know About Loan Counselor
Job Description & Duties 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?
- Advise students on available financial-aid awards.
- Approve loans within specified limits.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Interview applicants and request specified information for loan applications.
- Refer loans to loan committees for approval.
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
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Loan Counselor Needed Skills
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.
Related Job Titles for this Occupation:
- Financial Aid Director
- Financial Aid Officer
- Financial Assistant
- Eligibility Consultant
- Financial Counselor
Job Demand for Loan Counselors
In 2016, there was an estimated number of 38,300 jobs in the United States for Loan Counselor. 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.
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.
Average Loan Counselors Salary
The average yearly salary of a Loan Counselor ranges between $30,440 and $76,690.
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 |
Tools & Technologies Used by Loan Counselors
Although they’re not necessarily needed for all jobs, the following technologies are used by many Loan Counselors:
- 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
Becoming a Loan Counselor
Are there Loan Counselors education requirements?
What work experience do I need to become a Loan Counselor?
Where Loan Counselors Are Employed
Loan Counselors work in the following industries:
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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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