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Loan Counselor Careers

There is more than meets the eye when it comes to being a loan counselor. For example, did you know that they make an average of $19.72 an hour? That's $41,022 a year!

Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.

What Does a Loan Counselor Do

There are certain skills that many loan counselors have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.

When it comes to the most important skills required to be a loan counselor, we found that a lot of resumes listed 13.2% of loan counselors included payment plans, while 12.9% of resumes included financial statements, and 8.9% of resumes included phone calls. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the loan counselor job title. But what industry to start with? Most loan counselors actually find jobs in the finance and professional industries.

How To Become a Loan Counselor

If you're interested in becoming a loan counselor, one of the first things to consider is how much education you need. We've determined that 41.3% of loan counselors have a bachelor's degree. In terms of higher education levels, we found that 3.2% of loan counselors have master's degrees. Even though some loan counselors have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a loan counselor. When we researched the most common majors for a loan counselor, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on loan counselor resumes include high school diploma degrees or diploma degrees.

You may find that experience in other jobs will help you become a loan counselor. In fact, many loan counselor jobs require experience in a role such as customer service representative. Meanwhile, many loan counselors also have previous career experience in roles such as cashier or sales associate.

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Average Salary
$41,022
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
26,634
Job Openings

Loan Counselor Career Paths

Top Careers Before Loan Counselor

Cashier
13.9 %

Top Careers After Loan Counselor

Loan Counselor Jobs You Might Like

What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Loan Counselor

Loan Counselors in America make an average salary of $41,022 per year or $20 per hour. The top 10 percent makes over $47,000 per year, while the bottom 10 percent under $35,000 per year.
Average Salary
$41,022
Find Your Salary Estimate
How much should you be earning as an Architect? Use Zippia's Salary Calculator to get an estimation of how much you should be earning.

Best Paying Cities

City
ascdesc
Average Salarydesc
Fort Lee, NJ
Salary Range39k - 61k$50k$49,532
New York, NY
Salary Range38k - 59k$48k$47,854
Boston, MA
Salary Range38k - 56k$47k$46,543
Oakland, CA
Salary Range35k - 53k$44k$43,588
Miami, FL
Salary Range34k - 50k$41k$41,441
Rockville, MD
Salary Range33k - 50k$41k$40,794
$25k
$61k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Student Loan Counselor
Student Loan Counselor
XXX
XXX
01/09/2021
01/09/2021
$36,52301/09/2021
$36,523
Customer Service/Student Loan Counselors
Customer Service/Student Loan Counselors
The Right Staff
The Right Staff
12/29/2020
12/29/2020
$34,95712/29/2020
$34,957
Loan Counselor
Loan Counselor
Robert Half
Robert Half
12/12/2020
12/12/2020
$43,82712/12/2020
$43,827
Student Loan Counselor
Student Loan Counselor
University of Colorado
University of Colorado
12/12/2020
12/12/2020
$38,82312/12/2020
$38,823
Loan Counselor
Loan Counselor
Robert Half
Robert Half
11/21/2020
11/21/2020
$43,82711/21/2020
$43,827
See More Recent Salaries

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Loan Counselor Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Loan Counselor. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Loan Counselor Resume

At Zippia, we went through countless Loan Counselor resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Detailed Information

Loan Counselor Demographics

Gender

female

61.2 %

male

34.1 %

unknown

4.7 %

Ethnicity

White

69.4 %

Hispanic or Latino

14.7 %

Black or African American

8.3 %

Foreign Languages Spoken

Spanish

76.5 %

French

6.2 %

German

2.5 %
See More Demographics

Loan Counselor Education

Majors

Business
31.1 %

Degrees

Bachelors

41.3 %

Certificate

18.4 %

Associate

17.5 %

Top Colleges for Loan Counselors

1. Stanford University

Stanford, CA • Private

In-State Tuition
$51,354
Enrollment
7,083

2. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

3. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

4. Maine Maritime Academy

Castine, ME • Private

In-State Tuition
$13,478
Enrollment
979

5. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

6. California State University - Bakersfield

Bakersfield, CA • Private

In-State Tuition
$7,309
Enrollment
9,142

7. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

8. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

9. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

10. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177
See More Education Info

Online Courses For Loan Counselor That You May Like

Student Loan Counselor (Exam Included)
ed2go

Student Loan Counselor (Exam Included)...

Become a Mortgage Loan Processor
udemy
4.4
(2,162)

Finibi Mortgage CEO, Joe Correa, teaches you how to become a mortgage loan processor...

Advanced Mortgage Loan Processor: Essential Skills Training
udemy
4.5
(385)

Finibi Mortgage CEO, Joe Correa, teaches you how to take your mortgage loan processor career to the next level...

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Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills For a Loan Counselor

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 13.2% of loan counselors listed payment plans on their resume, but soft skills such as detail oriented and initiative are important as well.

  • Payment Plans, 13.2%
  • Financial Statements, 12.9%
  • Phone Calls, 8.9%
  • Outbound Calls, 7.2%
  • Federal Regulations, 5.0%
  • Other Skills, 52.8%
  • See All Loan Counselor Skills

Best States For a Loan Counselor

Some places are better than others when it comes to starting a career as a loan counselor. The best states for people in this position are Rhode Island, Connecticut, Alaska, and Delaware. Loan counselors make the most in Rhode Island with an average salary of $51,980. Whereas in Connecticut and Alaska, they would average $51,550 and $51,404, respectively. While loan counselors would only make an average of $50,105 in Delaware, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Connecticut

Total Loan Counselor Jobs:
276
Highest 10% Earn:
$77,000
Location Quotient:
1.35
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Delaware

Total Loan Counselor Jobs:
97
Highest 10% Earn:
$75,000
Location Quotient:
1.25
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Rhode Island

Total Loan Counselor Jobs:
73
Highest 10% Earn:
$77,000
Location Quotient:
0.97
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Top Loan Counselor Employers

1. Nationstar Mortgage
4.8
Avg. Salary: 
$55,835
Loan Counselors Hired: 
230+
2. Kentucky Higher Education Assistance ...
3.4
Avg. Salary: 
$38,484
Loan Counselors Hired: 
210+
3. JPMorgan Chase & Co.
4.9
Avg. Salary: 
$44,180
Loan Counselors Hired: 
54+
4. ECMC Group
4.6
Avg. Salary: 
$38,941
Loan Counselors Hired: 
46+
5. Wells Fargo
4.7
Avg. Salary: 
$37,278
Loan Counselors Hired: 
39+
6. Ceannate
3.8
Avg. Salary: 
$42,221
Loan Counselors Hired: 
36+

Loan Counselor Videos

Updated October 2, 2020