Student loan correspondent vs closer

The differences between student loan correspondents and closers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a student loan correspondent and a closer. Additionally, a student loan correspondent has an average salary of $46,486, which is higher than the $29,291 average annual salary of a closer.

The top three skills for a student loan correspondent include customer service, inbound calls and outbound calls. The most important skills for a closer are customer service, cleanliness, and punctuality.

Student loan correspondent vs closer overview

	Student Loan Correspondent	Closer
Yearly salary	$46,486	$29,291
Hourly rate	$22.35	$14.08
Growth rate	4%	4%
Number of jobs	18,088	7,560
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 60%	Bachelor's Degree, 35%
Average age	45	45
Years of experience	6	6

Student loan correspondent vs closer salary

Student loan correspondents and closers have different pay scales, as shown below.

	Student Loan Correspondent	Closer
Average salary	$46,486	$29,291
Salary range	Between $33,000 And $65,000	Between $20,000 And $40,000
Highest paying City	-	Greece, NY
Highest paying state	-	Hawaii
Best paying company	-	GPAC
Best paying industry	-	-

Differences between student loan correspondent and closer education

There are a few differences between a student loan correspondent and a closer in terms of educational background:

	Student Loan Correspondent	Closer
Most common degree	Bachelor's Degree, 60%	Bachelor's Degree, 35%
Most common major	Business	Business
Most common college	Massachusetts Institute of Technology	University of Pennsylvania

Student loan correspondent vs closer demographics

Here are the differences between student loan correspondents' and closers' demographics:

	Student Loan Correspondent	Closer
Average age	45	45
Gender ratio	Male, 36.1% Female, 63.9%	Male, 45.0% Female, 55.0%
Race ratio	Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5%	Black or African American, 9.4% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.1% White, 63.1% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between student loan correspondent and closer duties and responsibilities

Student loan correspondent example responsibilities.

Develop Facebook strategy, execute launch and manage content.
Proofread and edit correspondence for accuracy and quality standards.
Interview prospective lenders to for additional services; significantly expand company lender sources in both purchase and refinance markets.
Analyze mortgagors for approval of HAMP or traditional modification.

Closer example responsibilities.

Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
Process conventional, FHA, VA and USDA loans, clearing conditions before submission.
Clear property conditions for insurance and title on all FHA, VA and USDA loans.
Submit information to mortgage insurance carriers, FHA, VA, FHLMC, and FNMA for workout alternatives to foreclosure.
Coordinate with foreclosure and eviction and litigation teams to ensure properties are in transferable condition prior to closing.
Prepare high volume of loan closing packages under a variety of loan programs including conventional, FHA and VA.

Student loan correspondent vs closer skills

Common student loan correspondent skills

Customer Service, 24%
Inbound Calls, 18%
Outbound Calls, 13%
Student Loan Debt, 6%
Payment Arrangements, 5%
Credit Card, 5%

Common closer skills

Customer Service, 42%
Cleanliness, 31%
Punctuality, 8%
Dependability, 4%
Food Orders, 4%
Work Ethic, 1%