Finance aid advisor vs loan counselor

The differences between finance aid advisors and loan counselors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 1-2 years to become both a finance aid advisor and a loan counselor. Additionally, a loan counselor has an average salary of $49,002, which is higher than the $37,791 average annual salary of a finance aid advisor.

The top three skills for a finance aid advisor include financial aid, customer service and FAFSA. The most important skills for a loan counselor are phone calls, payment arrangements, and federal regulations.

Finance aid advisor vs loan counselor overview

	Finance Aid Advisor	Loan Counselor
Yearly salary	$37,791	$49,002
Hourly rate	$18.17	$23.56
Growth rate	7%	4%
Number of jobs	127,378	35,925
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 56%	Bachelor's Degree, 49%
Average age	45	45
Years of experience	2	2

Finance aid advisor vs loan counselor salary

Finance aid advisors and loan counselors have different pay scales, as shown below.

	Finance Aid Advisor	Loan Counselor
Average salary	$37,791	$49,002
Salary range	Between $28,000 And $49,000	Between $37,000 And $63,000
Highest paying City	New York, NY	New York, NY
Highest paying state	New York	New York
Best paying company	Oakland University	Mortgage Inv. Group
Best paying industry	Education	Finance

Differences between finance aid advisor and loan counselor education

There are a few differences between a finance aid advisor and a loan counselor in terms of educational background:

	Finance Aid Advisor	Loan Counselor
Most common degree	Bachelor's Degree, 56%	Bachelor's Degree, 49%
Most common major	Business	Business
Most common college	Stanford University	Stanford University

Finance aid advisor vs loan counselor demographics

Here are the differences between finance aid advisors' and loan counselors' demographics:

	Finance Aid Advisor	Loan Counselor
Average age	45	45
Gender ratio	Male, 29.6% Female, 70.4%	Male, 37.1% Female, 62.9%
Race ratio	Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.4% White, 63.6% American Indian and Alaska Native, 0.5%	Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between finance aid advisor and loan counselor duties and responsibilities

Finance aid advisor example responsibilities.

Manage project for the development and implementation of a university-wide scholarship database, STAARS.
Review incoming student ISIR, notifying students of the required documents need to complete the financial aid process.
Assemble files according to school and distribute to designate coordinators.
Perform cross-selling of banking products to help maximize company's profits.
Work with Microsoft office as well as internet and campus vue database.
Assist with collection and verification of PELL intake forms at the front counter.

Loan counselor example responsibilities.

Manage portfolio of GSE assets that are actively pursuing liquidation or retention options to cure default.
Experience in SBA underwriting that has produce SBA loan approval.
Perform account reviews to ensure associates perform logical progressions of collection efforts and maintain FDCPA guidelines.
Provide early delinquency counseling to CalHFA customers who have conventional or FHA type of loans.
Exercise servicing standards put in place by the FHA, VA, USDA and other private labels.
Resolve accounts using effective negotiating tools and appropriate system documentation in accordance with FDCPA and company's guidelines.

Finance aid advisor vs loan counselor skills

Common finance aid advisor skills

Financial Aid, 16%
Customer Service, 15%
FAFSA, 6%
Financial Aid Programs, 5%
Student Loans, 4%
Title IV, 4%

Common loan counselor skills

Phone Calls, 14%
Payment Arrangements, 12%
Federal Regulations, 8%
Outbound Collection Calls, 6%
Inbound Calls, 6%
FDCPA, 4%