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Loan processor education requirements
Updated January 8, 2025
4 min read
There are several educational requirements to become a loan processor. Loan processors usually study business, accounting, or finance. 46% of loan processors hold a bachelor's degree, and 23% hold an associate degree. We analyzed 36,342 real loan processor resumes to see exactly what loan processor education sections show.
The most common colleges for loan processors are the University of Phoenix and the University of Phoenix.
There are also many online loan processor courses to help get the education required to be a loan processor.
What education do you need to become a loan processor?
What degree do you need to be a loan processor?
- Bachelor's, 46%
- Associate, 23%
- High School Diploma, 19%
- Diploma, 4%
- Other Degrees, 8%
What should I major in to become a loan processor?
- Business, 36%
- Accounting, 10%
- Finance, 8%
- General Studies, 5%
- Other Majors, 41%
Most common colleges for loan processors
| Loan processor common college | Percentages |
|---|---|
| University of Phoenix | 30.41% |
| DeVry University | 5.21% |
| Strayer University | 4.55% |
| Florida State College at Jacksonville | 4.48% |
| California State University - San Bernardino | 4.48% |
Best majors for loan processors
| Rank | Major | Percentages |
|---|---|---|
| 1 | Business | 36.2% |
| 2 | Accounting | 10.3% |
| 3 | Finance | 7.7% |
| 4 | General Studies | 5.3% |
| 5 | Psychology | 4.3% |
Best colleges for loan processors
The best colleges for loan processors are Northwestern University, University of Pennsylvania, and Stanford University.
A loan processor with advanced education typically earns a higher salary and has access to better jobs. That's why Zippia looked into the best colleges for loan processors. We based this list on several metrics: admissions rate, retention rate, mean earnings of graduates, the ratio of working vs. non-working students ten years after admission, the average cost of attendance, and median debt for graduates who become loan processors.
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
20 best online courses for loan processors
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Top 10 most affordable universities for loan processors
The most affordable schools for loan processors are Baruch College of the City University of New York, suny farmingdale, and usf sarasota-manatee.
If the best universities for loan processors are out of your price range, check out these affordable schools. After factoring in in-state tuition and fees, the average cost of attendance, admissions rate, average net price, and mean earnings after six years, we found that these are the most affordable schools for loan processors.
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 processors
The hardest universities for loan processors to get into are Northwestern University, University of Pennsylvania, and Stanford University.
Some great schools for loan processors are hard to get into, but they also set your career up for greater success. The list below shows the most challenging universities to get into for loan processors based on an institution's admissions rates, average SAT scores accepted, median ACT scores accepted, and mean earnings of students six 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 easy-to-apply-to universities for loan processors
The easiest schools for loan processors to get into are Oklahoma Wesleyan University, holy names university, and barry university.
Some schools are much easier to get into. If you want to start your career as a loan processor without much hassle, check out the list of schools where you will be accepted in no time. We compiled admissions rates, average SAT scores, average ACT scores, and average salary of students six years after graduation to uncover which were the easiest schools to get into for loan processors.
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 processor salary by education level
| Loan processor education level | Loan processor salary |
|---|---|
| High School Diploma or Less | $38,209 |
| Bachelor's Degree | $40,627 |
| Some College/ Associate Degree | $38,035 |
Loan processor education FAQs
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Updated January 8, 2025
Updated January 8, 2025