All About Loan Counselors
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.
What Do Loan Counselors Do On a Daily Basis?
- Compare data on student aid applications with eligibility requirements of assistance programs.
- Supervise loan personnel.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Maintain current knowledge of credit regulations.
- Authorize or sign mail collection letters.
- Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
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.
Related Job Titles
- Financial Aid Technician
- Commercial Lending Vice President
- Loan Counselor
- Financial Aid Director
- Financial Assistant
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. 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.
Do Loan Counselors Make A Lot Of Money?
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|
|District of Columbia||$77,690|
Tools & Technologies Used by Loan Counselors
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 to Become a Loan Counselor
Individuals working as a Loan Counselor have obtained the following education levels:
What work experience do I need to become a Loan Counselor?
Where Loan Counselors Are Employed
Below are examples of industries where Loan Counselors work:
You May Also Be Interested In…
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.
You have goals. Southern New Hampshire University can help you get there. Whether you need a bachelor's degree to get into a career or want a master's degree to move up in your current career, SNHU has an online program for you. Find your degree from over 200 online programs.Visit School