Loan Counselors: Salary, Job Description, How To Become One, and Quiz

Stan T.Career, OverviewLeave a Comment

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.
Read more about what does a Loan Counselor really do at work and what is it like being and working as one.



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Salary

Average salary
$49820 per year

Average hourly wage
$24 per hour


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 statesHourlyAnnual
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

Recommended degree level
Bachelor’s Degree

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
Read more about how to become a Loan Counselor and the degree, training and education you need.

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

Job satisfaction
63%

Is this job meaningful
61%


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

Best personality for this career
The Entrepreneurs and The Helpers

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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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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