Loan Counselors

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.

Median Annual Wage: $42,110

Projected Growth: Faster than average (15% to 21%)

Related Job Titles: Financial Aid Counselor; Financial Aid Director; Financial Aid Administrator; Financial Assistance Advisor; Commercial Lending Vice President; Financial Aid Advisor; Financial Aid Officer; Lending Services Manager; Loan Counselor; Pell Coordinator

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Source: O*NET OnLine information for Loan Counselors.

More Business and Financial Operations Careers

  • Refer loans to loan committees for approval.
  • Submit applications to credit analysts for verification and recommendation.
  • Approve loans within specified limits.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Interview applicants and request specified information for loan applications.
  • Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
  • Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
  • Maintain current knowledge of credit regulations.
  • Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
  • Analyze potential loan markets to find opportunities to promote loans and financial services.
  • Review billing for accuracy.
  • Supervise loan personnel.
  • Maintain and review account records, updating and recategorizing them according to status changes.
  • Assist in selection of financial award candidates using electronic databases to certify loan eligibility.

Source: O*NET OnLine information for Loan Counselors.

  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Speaking - Talking to others to convey information effectively.
  • Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
  • Coordination - Adjusting actions in relation to others' actions.
  • Service Orientation - Actively looking for ways to help people.
  • Learning Strategies - Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.

Source: O*NET OnLine information for Loan Counselors.

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