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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.   (O'Net 13-2071.01)

 
Reported job titles:   Commercial Lending Vice President, Credit Counselor, Eligibility Consultant, Farm Mortgage Agent, Finance Manager, Financial Aid Administrator   (view all job titles)
 
  • Career Video
  • Wages
  • Employment Trends
  • Industries of Employment
  • Tasks
  • Knowledge
  • Skills
  • Abilities
  • Work Activities
  • Interests
  • Work Styles
  • License Information
  • Education & Training Requirements
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    Career Video
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    Wages
    for Credit Counselors which includes:
                          - Loan Counselors
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     Location Pay
    Period
    2016
    Percentile Wages Average
    Wage
    10% 25% 50%
    Median
    75% 90%
     Northern Vermont Balance of State Hourly $ 15.33   $ 16.54   $ 18.56   $ 23.29   $ 40.34   $ 21.57  
    Yearly $31,880   $34,390   $38,600   $48,440   $83,910   $44,870  
     
    What are Percentile Wages?
    source: Occupational Employment Statistics, Vermont Labor Market Information, U.S. Bureau of Labor Statistics, released April 2017.
     


    Employment Trends
    for Credit Counselors which includes:
                                  - Loan Counselors
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    No trend data for this occupation.
     


    Industries of Employment
    for Credit Counselors which includes:
                                - Loan Counselors
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    Industry Percent of Total
    2014
    Educational services; state, local, and private 42.8%
    Credit intermediation and related activities 18.4%
    Other professional, scientific, and technical services 17.2%
    Hospitals; state, local, and private 5.3%
    Management of companies and enterprises 4.2%
    source: Employment Projections, U.S. Bureau of Labor Statistics, National Employment Matrix, released July 2016.
     


    Tasks
    for Loan Counselors
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  • 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.
     
    source: Occupational Information Network: Loan Counselors  updated December 2005
     


    Knowledge
    for Loan Counselors
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  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
     
  • Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
     
  • Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
     
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
     
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
     
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
     
  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
     
  • Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
     
  • Production and Processing - Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
     
  • Psychology - Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.
     
    source: Occupational Information Network: Loan Counselors  updated December 2005
     


    Skills
    for Loan Counselors
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  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
     
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
     
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
     
  • Speaking - Talking to others to convey information effectively.
     
  • Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
     
  • Coordination - Adjusting actions in relation to others' actions.
     
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
     
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
     
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
     
  • Instructing - Teaching others how to do something.
     
    source: Occupational Information Network: Loan Counselors  updated June 2010
     


    Abilities
    for Loan Counselors
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  • Speech Clarity - The ability to speak clearly so others can understand you.
     
  • Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
     
  • Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
     
  • Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
     
  • Speech Recognition - The ability to identify and understand the speech of another person.
     
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
     
  • Near Vision - The ability to see details at close range (within a few feet of the observer).
     
  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
     
  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
     
  • Information Ordering - The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
     
    source: Occupational Information Network: Loan Counselors  updated December 2005
     


    Work Activities
    for Loan Counselors
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  • Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
     
  • Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
     
  • Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
     
  • Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
     
  • Communicating with Persons Outside Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
     
  • Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
     
  • Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.
     
  • Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.
     
  • Performing for or Working Directly with the Public - Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
     
  • Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
     
    source: Occupational Information Network: Loan Counselors  updated December 2005
     


    Interests
    for Loan Counselors
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  • Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
     
  • Social - Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
     
  • Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
     
    source: Occupational Information Network: Loan Counselors  updated June 2008
     


    Work Styles
    for Loan Counselors
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  • Integrity - Job requires being honest and ethical.
     
  • Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high stress situations.
     
  • Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
     
  • Initiative - Job requires a willingness to take on responsibilities and challenges.
     
  • Concern for Others - Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
     
  • Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
     
  • Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
     
  • Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
     
  • Self Control - Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
     
  • Social Orientation - Job requires preferring to work with others rather than alone, and being personally connected with others on the job.
     
    source: Occupational Information Network: Loan Counselors  updated December 2005
     


    State of Vermont License Information
    that may be required for Loan Counselors
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    No state licenses listed for this occupation.
     


    Education and Training Requirements
    for Loan Counselors
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  • Job Zone Four: Considerable Preparation Needed
  •  
  • Education: Most of these occupations require a four-year bachelor's degree, but some do not.
  •  
  • Training: Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  •  
  • Experience: A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
  •  
    source: Occupational Information Network: Loan Counselors  updated December 2005
     


    Schools
    offering instructional programs related to Loan Counselors
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      Related Instructional Programs
     
    • Banking and Financial Support Services.
     
     Search for schools offering these programs at
     
     
     
    source: National Center for Education Statistics 2000 Classification of Instructional Programs .
     


    Other Resources
    for Loan Counselors
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  • Labor Exchange Information
  • A source for occupational characteristics, such as age, gender, race, and years of education and an alternative source for occupational wage rates. Limited to people looking for jobs and the jobs advertised through VDOL Vermont Job Link.
  • Look for statewide information over the latest 12 months for Credit Counselors.
  •  
  • Occupational Outlook Handbook
  • No handbook information for this occupation.
     
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    Related Occupations
    Occupations with skill requirements similar to Loan Counselors
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  • Financial Managers, Branch or Department
  •  
  • First-Line Supervisors of Office and Administrative Support Workers
  •  
  • Fraud Examiners, Investigators and Analysts
  •  
  • Human Resources Managers
  •  
  • Insurance Sales Agents
  •  
  • Loan Officers
  •  
  • Sales Agents, Financial Services
  •  
  • Sales Agents, Securities and Commodities
  •  
  • Tax Examiners and Collectors, and Revenue Agents
  •  
    source: Occupational Information Network: Loan Counselors 
     

     
     
     
    Vermont.gov State of Vermont Department of Labor