Loan Counselors
SOC: 13-2071.01

Description:

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.


National Salary Information:

Hourly Statistics:

Annual Statistics:

Source: Bureau of Labor Statistics 2015 wage data.


Employment Projections:

Employment (2014):
32,600 employed

Projected (2024):
37,600 employed

Projected growth (2014-2024)


Source: Bureau of Labor Statistics 2015 2014-2024 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2014-2024). "Projected job openings" represent openings due to growth and replacement.


Alternate Titles:

  • 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
  • Financial Aid Officer
  • Financial Assistance Advisor
  • Financial Assistance Specialist
  • Lending Services Manager
  • Loan Consultant
  • Loan Counselor
  • Loan Officer
  • Pell Coordinator


  • Job Zone Four: Considerable Preparation Needed

    Experience:

    A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

    Education:

    Most of these occupations require a four-year bachelor's degree, but some do not.

    Job Training:

    Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.


    Required Skills:

  • Reading Comprehension
  • Active Listening
  • Writing
  • Speaking
  • Mathematics
  • Science
  • Critical Thinking
  • Active Learning
  • Learning Strategies
  • Monitoring
  • Social Perceptiveness
  • Coordination
  • Persuasion
  • Negotiation
  • Instructing
  • Service Orientation
  • Complex Problem Solving
  • Operations Analysis
  • Technology Design
  • Programming
  • Operation Monitoring
  • Operation and Control
  • Quality Control Analysis
  • Judgment and Decision Making
  • Systems Analysis
  • Systems Evaluation
  • Time Management
  • Management of Financial Resources
  • Management of Material Resources
  • Management of Personnel Resources

  • Knowledge Used:

  • Administration and Management
  • Clerical
  • Economics and Accounting
  • Sales and Marketing
  • Customer and Personal Service
  • Personnel and Human Resources
  • Production and Processing
  • Computers and Electronics
  • Design
  • Building and Construction
  • Mathematics
  • Psychology
  • Sociology and Anthropology
  • Education and Training
  • English Language
  • Fine Arts
  • Philosophy and Theology
  • Public Safety and Security
  • Law and Government
  • Communications and Media
  • Transportation


  • Tasks:

  • Check loan agreements to ensure that they are complete and accurate, according to policies.
  • Refer loans to loan committees for approval.
  • Approve loans within specified limits.
  • Submit applications to credit analysts for verification and recommendation.
  • 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.
  • Confer with underwriters to resolve mortgage application problems.
  • Inform individuals and groups about the financial assistance available to college or university students.
  • Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
  • Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
  • Petition courts to transfer titles and deeds of collateral to banks.
  • Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
  • Compare data on student aid applications with eligibility requirements of assistance programs.
  • Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
  • Review accounts to determine write-offs for collection agencies.
  • Locate debtors using post office directories, utility services account listings, or mailing lists.
  • Arrange for maintenance or liquidation of delinquent properties.
  • Authorize or sign mail collection letters.
  • Open accounts for clients and disburse funds from clients' accounts to creditors.

  • Tools & Technology:

  • 10-key calculators
  • Autodialers
  • Desktop computers
  • Notebook computers
  • Personal computers
  • Data entry software
  • Datatel Colleague
  • EDExpress
  • ELM Resources ELM
  • EMT Applications CounselorMax
  • Financial aid management system FAM software
  • Microsoft Access
  • Microsoft Excel
  • Microsoft Internet Explorer
  • Microsoft Office software
  • Microsoft Outlook
  • Microsoft PowerPoint
  • Microsoft Word
  • Oracle PeopleSoft
  • SAP software
  • Student information systems SIS
  • SunGard Higher Education Banner Financial Aid
  • Sungard Higher Education PowerFAIDS
  • Web browser software


  • business and financial operations


    industry stats

    SOC: 13-0000

    Total Employed: 7,032,560

    Average Annual Salary: $73,800