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The differences between student loan correspondents and mortgage bankers 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 mortgage banker. Additionally, a student loan correspondent has an average salary of $46,486, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a student loan correspondent include customer service, inbound calls and outbound calls. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Student Loan Correspondent | Mortgage Banker | |
| Yearly salary | $46,486 | $27,331 |
| Hourly rate | $22.35 | $13.14 |
| Growth rate | 4% | 4% |
| Number of jobs | 18,088 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 60% | Bachelor's Degree, 72% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Student loan correspondents and mortgage bankers have different pay scales, as shown below.
| Student Loan Correspondent | Mortgage Banker | |
| Average salary | $46,486 | $27,331 |
| Salary range | Between $33,000 And $65,000 | Between $9,000 And $78,000 |
| Highest paying City | - | - |
| Highest paying state | - | - |
| Best paying company | - | - |
| Best paying industry | - | - |
There are a few differences between a student loan correspondent and a mortgage banker in terms of educational background:
| Student Loan Correspondent | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 60% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | Massachusetts Institute of Technology | University of Pennsylvania |
Here are the differences between student loan correspondents' and mortgage bankers' demographics:
| Student Loan Correspondent | Mortgage Banker | |
| Average age | 45 | 45 |
| Gender ratio | Male, 36.1% Female, 63.9% | Male, 71.7% Female, 28.3% |
| 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, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |