How To Become A Loan Counselor: Degree and Education Requirements

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what degree do you need to become a Loan Counselor
majors for Loan Counselors

Loan Counselors

Other names for this job might include Commercial Lending Vice President, Credit Counselor, Eligibility Consultant, Farm Mortgage Agent, Finance Manager, Financial Aid Administrator, Financial Aid Advisor, Financial Aid Coordinator, Financial Aid Counselor, Financial Aid Director


  • $49310
    Salary
  • 63%
    Job satisfaction
  • Quite Hard
    Becoming one
  • High
    Job growth
OwlGuru Rank

C+



Be A Loan Counselor: What You Really Need


In this requirements guide for Loan Counselors, you will find out what do you need to become a Loan Counselor and what it takes to become one.

After reading this, you will be able to plan for your future if you want to be a Loan Counselor.



Degree required

Recommended degree level

Bachelor’s Degree

Bachelors degree
48.62%

High School Diploma
35.77%

Master’s degree
9.63%

Associates degree
5.98%

No degree
%

Generally, employers are looking for Loan Counselors who have a Bachelors degree. They also prefer someone who is good in Active Listening and Critical Thinking.

1 common question that we always get is what major or degree do I need to become A Loan Counselor or what courses do I need to take.

We did a survey to ask other Loan Counselors what did they major in college or university and here are the most popular majors that came up.

Banking and Financial Support Services
Financial Planning and Services
Credit Management

The majority of Loan Counselors typically enter the occupation with a Bachelor’s Degree in Finance, business administration or a related field.



Schools

schools for Loan Counselors

Interested in becoming A Loan Counselor? Find the right schools that can help you to become one. You will need some of your details to get you matched with the right college or university. This service is free thanks to our sponsors.

Questions to ask the university or college:

  1. How many students are in the program?
  2. Is your program accredited?
  3. How many faculty members do you have? Do they hold the right credentials?
  4. What is your job placement rate?
  5. Does your school hold career fairs or other on-campus events with employers? How many employers typically attend?
  6. How many of your students have at least one internship by graduation?

Click to start becoming a Loan Counselor




How long does it take

Difficulty
Quite Hard

You will need a considerable amount of work-related skill, knowledge or experience to be A Loan Counselor.

For example: An accountant must complete 4 years of college and work for several years in accounting to be considered qualified.

To become A Loan Counselor, you will need several years of work-related experience, on-the-job training or vocational training.


How long does it take
2 to 4 years


Work experience
1 to 2 years

1 to 2 years
42.66%

No experience
35.63%

2 to 4 years
19.76%

4 to 6 years
1.21%

6 months to 1 year
0.7%

Job training
1 to 2 years

1 to 2 years
37.79%

3 to 6 months
36.42%

1 to 3 months
11.29%

0 to 1 month
7.4%

6 months to 1 year
6.03%

Most Loan Counselors have 1 to 2 years work experience and 1 to 2 years job training.

To increase your chances of getting a job, you can look for job training while studying to be one.



License and certifications

Do you need any license or certification




Skills required

We asked other Loan Counselors if they could only have 5 skills, what would they be. Here is what they said.

1. Active Listening what does this mean
2.Critical Thinking what does this mean
3.Reading Comprehension what does this mean
4.Speaking what does this mean
5.Social Perceptiveness what does this mean
= Hot in-demand that most employers are looking for

We did some research and found that most successful Loan Counselors have these 5 common characteristics. Most of them had Integrity and Stress Tolerance.

1.Integrity
2.Stress Tolerance
3.Adaptability/Flexibility
4.Initiative
5.Cooperation




Knowledge required

Just like any other job, you will need some know-hows to do the job. To become a successful Loan Counselors you need to acquire knowledge in these 5 key areas.

1. Customer and Personal Service what does this mean
2.English Language what does this mean
3.Clerical what does this mean
4.Mathematics what does this mean
5.Administration and Management what does this mean

As A Loan Counselor, you may also be required to know how to use certain Data base user interface and query software, Enterprise resource planning ERP software and Data base user interface and query software tools.

Data entry software (Data base user interface and query software)
Datatel Colleague (Enterprise resource planning ERP software)
EDExpress (Data base user interface and query software)
ELM Resources ELM (Data base user interface and query software)
EMT Applications CounselorMax (Data base user interface and query software)
= Hot in-demand that most employers are looking for




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Career type

Business and Finance
Banking and Related Services, Financial and Investment Planning
Consumer Services

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Related to Loan Counselors Requirements

Loan Counselors requirements, how to become Loan Counselors, degree required to be a Loan Counselor, Loan Counselors license and certifications, majors to be a Loan Counselor, is it hard to become a Loan Counselor and how long does it take

Additional resources

http://www.bls.gov/ooh/business-and-financial/loan-officers.htm
http://www.aba.com/
https://www.mba.org/
http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx

OwlGuru.com
OwlGuru.com is a career and college finder site. We help students to find a career and college that is right for them.
Loan Counselors
Written by: Stanley Tan
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.
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