National
| Median wages (2008) |
$18.02 hourly, $37,470 annual |
| Employment (2006) |
33,000 employees |
| Projected growth (2006-2016) |
Slower than average (3% to 6%)
|
| Projected need (2006-2016) |
5,000 additional employees |
13-2071.00 - Loan Counselors
Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
Sample of reported job titles:
Financial Aid Counselor, Financial Aid Director, Financial Aid Administrator, Financial Assistance Advisor, Commercial Lending Vice President, Credit Counselor, Financial Aid Advisor, Financial Aid Officer, Lending Services Manager, Loan Counselor
Tasks
- Check loan agreements to ensure that they are complete and accurate, according to policies.
- Refer loans to loan committees for approval.
- Approve loans within specified limits.
- Submit applications to credit analysts for verification and recommendation.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Interview applicants and request specified information for loan applications.
- Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
- Maintain current knowledge of credit regulations.
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
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Tools & Technology
Tools used in this occupation:
| Autodialers |
| Calculators or accessories — 10-key calculators |
| Desktop computers |
| Notebook computers |
| Personal computers |
Technology used in this occupation:
| Data base user interface and query software — EMT Applications CounselorMax; Microsoft Access; SunGard Higher Education Banner Financial Aid; Sungard Higher Education PowerFAIDS |
| Enterprise resource planning ERP software — Datatel Colleague (financial aid application) |
| Internet browser software — Microsoft Internet Explorer; Web browser software |
| Office suite software — Microsoft Office software |
| Word processing software — Microsoft Word |
