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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.

What Do Loan Counselors Do On a Daily Basis?

  • Confer with underwriters to resolve mortgage application problems.
  • Authorize or sign mail collection letters.
  • Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
  • Compare data on student aid applications with eligibility requirements of assistance programs.
  • Interview applicants and request specified information for loan applications.
  • Review accounts to determine write-offs for collection agencies.

What Every Loan Counselor Should Know

Below is a list of the skills most Loan Counselors say are important on the job.

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.

  • Financial Aid Counselor
  • Financial Aid Officer
  • Financial Assistance Specialist
  • Loan Counselor
  • Farm Mortgage Agent

Is There Job Demand for Loan Counselors?

In the United States, there were 38,300 jobs for Loan Counselor in 2016. 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. The BLS estimates 3,800 yearly job openings in this field.

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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.

Salary for a Loan Counselor

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.

How much do Loan Counselors make in each U.S. state?

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

How to Become a Loan Counselor

Are there Loan Counselors education requirements?

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How Long Does it Take to Become a Loan Counselor?

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Where do Loan Counselors Work?

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The table below shows the approximate number of Loan Counselors employed by various industries.

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You May Also Be Interested In…

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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