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Loan Counselors
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.
Table of Contents
Job description
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.
- Confer with underwriters to resolve mortgage application problems.
- Advise students on available financial-aid awards.
- Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
Featured Schools
Salary
Loan Counselors with little to no experience tend to make between $30440 and $36230 while the more experienced ones can earn over $57800 per year.
| Top 5 paying states | Hourly | Annual |
|---|---|---|
| DC | $37 | $77,690 |
| NJ | $33 | $68,360 |
| NY | $29 | $60,520 |
| RI | $29 | $59,760 |
| MA | $28 | $57,600 |
One of the easiest ways to increase your salary as a Loan Counselor is to move to a higher paying state like DC. Right now, the highest paying states for Loan Counselors are DC, NJ, NY, RI and MA.
However, a higher pay at DC doesn’t guarantee that you will make more because the living expenses at DC might be twice as high than where you are currently at now.
Three other factors that can increase your salary as a Loan Counselor is the degree you hold, the industry you work in, and lastly the company you work for.
Requirements
We asked other Loan Counselors what degree they had when they got the job and most of them said they had a High School Diploma followed by a College Certificate.
Other than that, we also asked them what did they major in and here are the most popular majors that came up.
| Banking and Financial Support Services |
| Financial Planning and Services |
| Credit Management |
Pros and Cons
Here are some of the pros and cons of being a Loan Counselor.
| PROS |
|---|
| Suitable for people who likes to start and carry out projects |
| Suitable for people who values relationships between co-workers and customers and wants to work in a friendly non-competitive environment |
| This career is perfect for people who love to work indoors. |
| Demand for this career is growing very fast |
| CONS |
|---|
| Not suitable for people who likes practical and hands-on work |
| Salary is below average |
| It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career. |
What is the job like
63% of Loan Counselors said they were satisfied with their job and 61% said they feel like their job is making other people’s lives better.
Is this right for me
You can read more about these career personality types here.
People who are suitable for this job tends to like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business..
They also like working with, communicating with, and teaching people. They like helping or providing service to others.
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Learn more about Loan Counselors
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Related career information
Loan Counselors job description, Loan Counselors salary, Loan Counselors information, what is the job of a Loan Counselor like, pros and cons about Loan Counselors, colleges and universities for Loan Counselors, is Loan Counselors the right career for me, careers in Business and Finance
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