In a lot of cases, a higher education can mean a higher salary or even a better job. That's why we found out the best colleges for loan officers. We based this list on these metrics: admissions rate, retention rate, mean earnings of students working, ratio of working vs. non-working students 10 years after admission, average cost of attendance and median debt for graduates.
Best Colleges And Majors For Loan Officers
Best Colleges For Loan Officers
1. University of Pennsylvania
Philadelphia, PA • Private
In-State Tuition
$55,584
Enrollment
10,764
2. Northwestern University
Evanston, IL • Private
In-State Tuition
$54,568
Enrollment
8,451
3. University of Southern California
Los Angeles, CA • Private
In-State Tuition
$56,225
Enrollment
19,548
4. SUNY at Binghamton
Vestal, NY • Private
In-State Tuition
$9,808
Enrollment
13,990
5. Villanova University
Villanova, PA • Private
In-State Tuition
$53,308
Enrollment
6,819
6. San Diego State University
San Diego, CA • Private
In-State Tuition
$7,488
Enrollment
30,018
7. Bentley University
Waltham, MA • Private
In-State Tuition
$49,880
Enrollment
4,177
8. Boston University
Boston, MA • Private
In-State Tuition
$53,948
Enrollment
17,238
9. SUNY Stony Brook
Stony Brook, NY • Private
In-State Tuition
$9,625
Enrollment
17,407
10. New York University
New York, NY • Private
In-State Tuition
$51,828
Enrollment
26,339
Loan Officer Education Requirements
There are several education requirements to become a loan officer. Loan officers usually study business, finance or accounting. 61% of loan officers hold a bachelor's degree and 17% hold a associate degree. We found these by analyzing 51,188 loan officer resumes to investigate the topic of loan officer education more precisely.
The most common colleges for students to pursue their goal of becoming a loan officer are University of Phoenix and Arizona State University.
For those who would rather stay in your pajamas during the day, we prepared some online courses that can help in loan officer education paths.
We prepared a list of a loan officer certifications that you should consider. The necessary certifications that loan officers must have to succeed are Certified Management Accountant (CMA) and International Accredited Business Accountant (IABA).
What Education Do You Need To Become a Loan Officer?
What degree do you need to be a Loan Officer?
The most common degree for loan officers is bachelor's degree 61% of loan officers earn that degree. A close second is associate degree with 17% and rounding it off is high school diploma with 11%.
- Bachelors, 61%
- Associate, 17%
- High School Diploma, 11%
- Masters, 6%
- Other Degrees, 5%
What Should I Major in to Become a Loan Officer?
Most loan officers, 37% to be exact, major in business. Some other common majors for a loan officer include finance and accounting majors.
- Business, 37%
- Finance, 11%
- Accounting, 7%
- Marketing, 5%
- Other Majors, 40%
Most Common Colleges For Loan Officers
Here are the most common colleges for a loan officer career in the US based on their resumes. Advocates often get their degree in University of Phoenix, Arizona State University, and University of Maryland - College Park .
| Loan Officer Common College | Percentages |
|---|---|
| University of Phoenix | 19.11% |
| Arizona State University | 6.75% |
| University of Maryland - College Park | 5.40% |
| University of North Texas | 4.79% |
| Ohio State University | 4.79% |
Best Majors For Loan Officers
| Rank | Major | Percentages |
|---|---|---|
| 1 | Business | 37.4% |
| 2 | Finance | 10.8% |
| 3 | Accounting | 7.0% |
| 4 | Marketing | 5.0% |
| 5 | Psychology | 3.9% |
20 Best Online Courses for Loan Officers
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7. How to Become a Mobile Notary and Loan Signing Agent
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Top 10 Affordable Universities For Loan Officers
If those top 10 were a bit out of your price range, you might want to check these schools instead. After factoring in in-state tuition and fees, average cost of attendance, admissions rate, average net price and mean earnings after 6 years, we found that these are the most affordable schools for loan officers.
1. Baruch College of the City University of New York
New York, NY • Private
In-State Tuition
$7,262
Cost of Attendance
14,046
2. SUNY Farmingdale
Farmingdale, NY • Private
In-State Tuition
$8,306
Cost of Attendance
16,091
3. USF Sarasota-Manatee
Sarasota, FL • Private
In-State Tuition
$5,587
Cost of Attendance
13,043
4. Brooklyn College of the City University of New York
Brooklyn, NY • Private
In-State Tuition
$7,240
Cost of Attendance
13,991
5. California State University - Dominguez Hills
Carson, CA • Private
In-State Tuition
$6,942
Cost of Attendance
14,469
6. Brigham Young University
Provo, UT • Private
In-State Tuition
$5,620
Cost of Attendance
18,136
7. California State University - Bakersfield
Bakersfield, CA • Private
In-State Tuition
$7,309
Cost of Attendance
16,714
8. University of Florida
Gainesville, FL • Private
In-State Tuition
$6,381
Cost of Attendance
21,034
9. Florida International University
Miami, FL • Private
In-State Tuition
$6,556
Cost of Attendance
19,434
10. University of Puerto Rico - Mayaguez
Mayaguez, PR • Private
In-State Tuition
$4,094
Cost of Attendance
14,302
Top 10 Hardest Universities To Get Into For Loan Officers
Some people like a challenge. Well, we challenge you to get into one of these schools. It's not going to be easy. We know this based on these institutions' admissions rates, average SAT scores accepted, median ACT scores accepted and mean earnings of students 6 years after admission.
1. Northwestern University
Evanston, IL • Private
Admissions Rate
8%
SAT Average
1,508
2. University of Pennsylvania
Philadelphia, PA • Private
Admissions Rate
8%
SAT Average
1,492
3. Stanford University
Stanford, CA • Private
Admissions Rate
4%
SAT Average
1,497
4. University of Southern California
Los Angeles, CA • Private
Admissions Rate
13%
SAT Average
1,445
5. Boston University
Boston, MA • Private
Admissions Rate
22%
SAT Average
1,420
6. New York University
New York, NY • Private
Admissions Rate
20%
SAT Average
1,419
7. Villanova University
Villanova, PA • Private
Admissions Rate
29%
SAT Average
1,407
8. Vanderbilt University
Nashville, TN • Private
Admissions Rate
10%
SAT Average
1,514
9. Bentley University
Waltham, MA • Private
Admissions Rate
43%
SAT Average
1,338
10. George Washington University, The
Washington, DC • Private
Admissions Rate
42%
SAT Average
1,380
Top 10 Easier To Apply Universities For Loan Officers
Why make getting a job harder on yourself than it has to be? With these colleges, you're sure to be accepted in no time. We compiled admissions rates, average SAT scores, average ACT scores and average salary of students 6 years after graduation in order to uncover which were the easiest schools to get into.
1. Oklahoma Wesleyan University
Bartlesville, OK • Private
Admissions Rate
68%
SAT Average
964
2. Holy Names University
Oakland, CA • Private
Admissions Rate
70%
SAT Average
849
3. Barry University
Miami, FL • Private
Admissions Rate
91%
SAT Average
1,006
4. Notre Dame College
Cleveland, OH • Private
Admissions Rate
90%
SAT Average
994
5. University of North Texas at Dallas
Dallas, TX • Private
Admissions Rate
83%
SAT Average
992
6. La Roche College
Pittsburgh, PA • Private
Admissions Rate
99%
SAT Average
1,008
7. Holy Family University
Philadelphia, PA • Private
Admissions Rate
72%
SAT Average
1,017
8. Saint Joseph's College of Maine
Standish, ME • Private
Admissions Rate
84%
SAT Average
1,069
9. Ottawa University
Ottawa, KS • Private
Admissions Rate
78%
SAT Average
1,024
10. LIM College
New York, NY • Private
Admissions Rate
83%
SAT Average
1,061
Average Loan Officer Salary by Education Level
Loan officers with a Masters degree earn more than those without, at $56,842 annually. With a Bachelors degree, loan officers earn a median annual income of $51,818 compared to $45,442 for loan officers with an Associate degree.
| Loan Officer Education Level | Loan Officer Salary |
|---|---|
| High School Diploma or Less | $45,011 |
| Master's Degree | $56,842 |
| Bachelor's Degree | $51,818 |
| Some College/ Associate Degree | $45,442 |