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Summary Report for:
13-2071.01 - 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, Financial Aid Advisor, Financial Aid Officer, Lending Services Manager, Loan Counselor, Pell Coordinator

View report: Summary  Details  Custom

Tasks  |  Tools & Technology  |  Knowledge  |  Skills  |  Abilities  |  Work Activities  |  Work Context  |  Job Zone  |  Education  |  Credentials  |  Interests  |  Work Styles  |  Work Values  |  Related Occupations  |  Wages & Employment  |  Job Openings

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
Desktop calculator — 10-key calculators
Desktop computers
Notebook computers
Personal computers

Technology used in this occupation:

Data base user interface and query software — EDExpress *; ELM Resources ELM; EMT Applications CounselorMax; Sungard Higher Education PowerFAIDS
Electronic mail software — Microsoft Outlook
Enterprise resource planning ERP software — Datatel Colleague
Internet browser software — Microsoft Internet Explorer *; Web browser software
Spreadsheet software — Microsoft Excel

* Software developed by a government agency and/or distributed as freeware or shareware.

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Knowledge

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.
English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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.
Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
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.
Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Sales and Marketing — Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
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.
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.

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Skills

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.

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Abilities

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).

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Work Activities

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.

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Work Context

Face-to-Face Discussions — How often do you have to have face-to-face discussions with individuals or teams in this job?
Spend Time Sitting — How much does this job require sitting?
Telephone — How often do you have telephone conversations in this job?
Contact With Others — How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?
Letters and Memos — How often does the job require written letters and memos?
Structured versus Unstructured Work — To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals?
Freedom to Make Decisions — How much decision making freedom, without supervision, does the job offer?
Electronic Mail — How often do you use electronic mail in this job?
Time Pressure — How often does this job require the worker to meet strict deadlines?
Importance of Being Exact or Accurate — How important is being very exact or highly accurate in performing this job?

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Job Zone

Title Job Zone Four: Considerable Preparation Needed
Education Most of these occupations require a four-year bachelor's degree, but some do not.
Related 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.
Job Training Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Job Zone Examples Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, sales managers, database administrators, teachers, chemists, art directors, and cost estimators.
SVP Range (7.0 to < 8.0)

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Education


Percentage of Respondents
Education Level Required
Not available Bachelor's degree
Not available High school diploma or equivalent Help
Not available Master's degree

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Credentials

Find Training Find Certifications Find Licenses

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Interests

Interest code: ESC

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.

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Work Styles

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.

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Work Values

Relationships — Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
Achievement — Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
Independence — Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.

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Related Occupations

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Wages & Employment Trends

Median wages data collected from Credit Counselors.
Employment data collected from Credit Counselors.
Industry data collected from Credit Counselors.

Median wages (2013) $19.37 hourly, $40,280 annual
State wages Local Salary Info
 
Employment (2012) 31,000 employees
Projected growth (2012-2022) Faster than average (15% to 21%) Faster than average (15% to 21%)
Projected job openings (2012-2022) 12,000
State trends Employment Trends
 
Top industries (2012)

Source: Bureau of Labor Statistics 2013 wage data external site and 2012-2022 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2012-2022). "Projected job openings" represent openings due to growth and replacement.

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Job Openings on the Web

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