hourly pay for Loan Counselors
do Loan Counselors make a lot of money

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

  • $49480
  • 63%
    Job satisfaction
  • Quite Hard
    Becoming one
  • High
    Job growth
OwlGuru Rank


How Much Do Loan Counselors Make In 2018

In this salary guide, you will find out how much do Loan Counselors make.

After reading this, you will be able to make a decision if working as a Loan Counselor will suit your financial goals (e.g: buying a home, BMW or just your target salary goal).

Average salary

Annual salary
$49480 per year

Hourly wage
$23.790 per hour

One of the most popular questions we get from our readers here at OwlGuru is how much do Loan Counselors make per year and what is their hourly wage.

According to BLS, the average annual salary of Loan Counselors is $49480. Their salary can also be as low as $29510 if you’re still a newbie with no experience to over $75220 if you have a ton of experience under your belt.

The typical hourly pay is $23.790 and can range from $14.190 to $36.170 which also depends if you’re a newbie or a professional.

Just like any other job, the salary of A Loan Counselor will vary based on your education and experience level.

# = Over $100 per hour or $200,000 per year.
Salary rank

We wanted to make it easy for our readers to compare the salary of A Loan Counselor to all the other careers out there. So we created Salary Rank.

This compares the salary of all careers and we give them a rank of A, B, C or D depending on how high or low is their average salary.

After comparing how much do Loan Counselors make with other careers, they have a salary rank of C.

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Salary range

Highest (Top 10%)$36.170$75220
Senior (Top 25%)$27.150$56470
Middle (Mid 50%)$21.340$44380
Junior (Bottom 25%)$17.100$35570
No experience (Bottom 10%)$14.190$29510

Entry-level Loan Counselors who starts out at $35570 can expect to make $44380 after 3-5 years of experience in the field.

The bottom 10% makes less than $14.190 per hour while the top 10% makes over $36.170 per hour.

While the median wage is $44380 per annum or $21.340 per hour.

Depending on who you work for, you might also get overtime pay.

# = Over $100 per hour or $200,000 per year.

Highest paying industries

Industry nameHourly wageAnnual salary
Automobile Dealers47.6499080
Other Financial Investment Activities35.0272840
Securities, Commodity Contracts, and Other Financial Investments and Related Activities34.3671470
Legal Services31.6665850
Wholesale Trade30.7763990
Insurance Carriers30.3663140
Insurance Carriers and Related Activities28.7759840
Other Nondepository Credit Intermediation28.2858830
Nondepository Credit Intermediation28.1858620
Vocational Rehabilitation Services27.1756510
Finance and Insurance26.6955520
Insurance Agencies and Brokerages26.6655440
Agencies, Brokerages, and Other Insurance Related Activities26.2154520
Credit Intermediation and Related Activities25.8353720
Elementary and Secondary Schools, Privately owned25.6653380
Elementary and Secondary Schools (including private, state, and local government schools)25.1652330
Depository Credit Intermediation24.9251840
Elementary and Secondary Schools, Local government owned24.7251430
Securities and Commodity Contracts Intermediation and Brokerage24.751380
Educational Services, Local government owned24.0349980
Junior colleges, Local government owned23.9549820
Office Administrative Services23.6449170
Employment Services23.5448960
Junior Colleges (including private, state, and local government schools)23.4348730
Outpatient Care Centers23.4348730
Specialty (except Psychiatric and Substance Abuse) Hospitals (including private, state, and local government hospitals)23.3248500
Specialty hospitals, Privately owned23.3248500
Management of Companies and Enterprises23.2848410
Management, Scientific, and Technical Consulting Services23.2248290
Local government, including schools and hospitals23.2148270
State Government, excluding schools and hospitals23.1648160
Activities Related to Credit Intermediation23.1448130
All industries, private ownership only23.0247870
Junior colleges, Privately owned22.9847800
All industries22.8947600
Federal, State, and Local Government22.847430
Federal, State, and Local Government, excluding state and local schools and hospitals, and the US Postal Service22.847430
Local Government, excluding schools and hospitals22.7147230
Other Services (except Federal, State, and Local Government)22.5146820
Colleges, universities, and professional schools, Privately owned22.2846340
Sector 56- Administrative and Support and Waste Management and Remediation Services22.1846140
Administrative and Support Services22.1846140
Educational Services (including private, state, and local government schools)22.1546070
Federal, state, and local government, including government owned schools and hospitals, and the US Postal Service22.1546060
Community Food and Housing, and Emergency and Other Relief Services22.1145990
Religious, Grantmaking, Civic, Professional, and Similar Organizations22.0145780
Educational Services, Privately owned21.9945740
Business Schools and Computer and Management Training (including private, state, and local government schools)21.9645680
Business schools and computer and management training - Privately owned21.9645680
Colleges, Universities, and Professional Schools (including private, state, and local government schools)21.945540
Technical and Trade Schools (including private, state, and local government schools)21.4544620
Technical and trade schools, Privately owned21.4244550
Social Advocacy Organizations21.444510
Social Assistance21.1543980
Junior colleges, State government owned20.8943450
Colleges, universities, and professional schools, State government owned20.8443340
State government, including schools and hospitals20.8243320
Educational Services, State government owned20.7943250
Ambulatory Health Care Services20.5542750
Other Schools and Instruction (including private, state, and local government schools)20.5142670
Other schools and instruction, Privately owned20.5142670
Offices of Physicians20.3842380
Hospitals, Privately owned20.3242260
Health Care and Social Assistance (including private, state, and local government hospitals)20.2942200
Professional, Scientific, and Technical Services20.2442090
General Medical and Surgical Hospitals, Privately owned20.242010
Hospitals (including private, state, and local government hospitals)19.9441470
General Medical and Surgical Hospitals (including private, state, and local government hospitals)19.8341240
Other Professional, Scientific, and Technical Services19.8241230
Individual and Family Services19.7241020
Hospitals, State government owned19.4240400
General Medical and Surgical Hospitals, State government owned19.4240400
Grantmaking and Giving Services19.3440230
Educational Support Services (including private, state, and local government schools)19.0639650
Educational Support Services, Privately owned19.0639650
Hospitals, Local government owned18.3538170
General Medical and Surgical Hospitals, Local government owned18.3538170
Business Support Services17.5836580

Not all industries pay the same for Loan Counselors.

One of the easiest way to increase your salary is to change industries and find a higher paying one.

Highest paying states


Another simple way to boost your pay as A Loan Counselor is to move to a higher paying state. However moving to a higher paying state like MA doesn’t mean you will make more overall. This is because the expenses at MA may be 2x higher than where you are currently living at right now.

According to the BLS, the highest paid / most successful Loan Counselors are in the states of MA, CO, NJ, WI and DC. The average salary in MA is $66010.

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Rank: A+
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Rank: B+
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Rank: C+
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Banking and Related Services, Financial and Investment Planning
Consumer Services

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