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: Commercial Lending Vice President, Financial Aid Administrator, Financial Aid Advisor, Financial Aid Counselor, Financial Aid Director, Financial Aid Officer, Financial Assistance Advisor, Lending Services Manager, Loan Counselor, Pell Coordinator
Tasks | Tools & Technology | Knowledge | Skills | Abilities | Work Activities | Detailed Work Activities | Work Context | Job Zone | Education | Credentials | Interests | Work Styles | Work Values | Related Occupations | Wages & Employment | Job Openings
- 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.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Review billing for accuracy.
- Supervise loan personnel.
- Maintain and review account records, updating and recategorizing them according to status changes.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Confer with underwriters to resolve mortgage application problems.
- Inform individuals and groups about the financial assistance available to college or university students.
- Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
- Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
- Petition courts to transfer titles and deeds of collateral to banks.
Tools & Technology
Tools used in this occupation:
- 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 (see all 9 examples)
- Electronic mail software — Microsoft Outlook
- Enterprise resource planning ERP software — Datatel Colleague
- Internet browser software — Microsoft Internet Explorer *; Web browser software
- Office suite software — Microsoft Office software
- Presentation software — Microsoft PowerPoint
- Spreadsheet software — Microsoft Excel
- Word processing software — Microsoft Word
* Software developed by a government agency and/or distributed as freeware or shareware.
- 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.
- 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.
- Learning Strategies — Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
- Service Orientation — Actively looking for ways to help people.
- Time Management — Managing one's own time and the time of others.
- Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
- Mathematics — Using mathematics to solve problems.
- Management of Personnel Resources — Motivating, developing, and directing people as they work, identifying the best people for the job.
- Negotiation — Bringing others together and trying to reconcile differences.
- Persuasion — Persuading others to change their minds or behavior.
- Systems Analysis — Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
- 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).
- Category Flexibility — The ability to generate or use different sets of rules for combining or grouping things in different ways.
- Perceptual Speed — The ability to quickly and accurately compare similarities and differences among sets of letters, numbers, objects, pictures, or patterns. The things to be compared may be presented at the same time or one after the other. This ability also includes comparing a presented object with a remembered object.
- Selective Attention — The ability to concentrate on a task over a period of time without being distracted.
- Written Expression — The ability to communicate information and ideas in writing so others will understand.
- Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.
- Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
- Originality — The ability to come up with unusual or clever ideas about a given topic or situation, or to develop creative ways to solve a problem.
- Flexibility of Closure — The ability to identify or detect a known pattern (a figure, object, word, or sound) that is hidden in other distracting material.
- Fluency of Ideas — The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
- Time Sharing — The ability to shift back and forth between two or more activities or sources of information (such as speech, sounds, touch, or other sources).
- 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.
- Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
- Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
- Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
- Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
- Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
- Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
- Performing Administrative Activities — Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
- Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
- Assisting and Caring for Others — Providing personal assistance, medical attention, emotional support, or other personal care to others such as coworkers, customers, or patients.
- Monitor Processes, Materials, or Surroundings — Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
- Coaching and Developing Others — Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
- Guiding, Directing, and Motivating Subordinates — Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
- Coordinating the Work and Activities of Others — Getting members of a group to work together to accomplish tasks.
- Scheduling Work and Activities — Scheduling events, programs, and activities, as well as the work of others.
- Training and Teaching Others — Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
- Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people.
- Developing and Building Teams — Encouraging and building mutual trust, respect, and cooperation among team members.
- Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
- Selling or Influencing Others — Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
- Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them.
- Monitoring and Controlling Resources — Monitoring and controlling resources and overseeing the spending of money.
Detailed Work Activities
- Execute sales or other financial transactions.
- Assess financial status of clients.
- Supervise employees.
- Authorize financial actions.
- Inform individuals or organizations of status or findings.
- Examine financial records.
- Compute debt repayment schedules.
- Develop financial plans for clients.
- Update knowledge of legal or regulatory environments.
- Communicate with government agencies.
- Negotiate agreements to resolve disputes.
- Advise others on financial matters.
- Educate clients on financial planning topics.
- Analyze market conditions or trends.
- Verify accuracy of financial information.
- Verify accuracy of records.
- Maintain data in information systems or databases.
- Confer with others about financial matters.
- Correspond with customers to answer questions or resolve complaints.
- Disburse funds from clients accounts to creditors.
- Submit financial applications.
- Verify application data to determine program eligibility.
- Conduct eligibility or selection interviews.
- Face-to-Face Discussions — 100% responded “Every day.”
- Spend Time Sitting — 99% responded “Continually or almost continually.”
- Telephone — 99% responded “Every day.”
- Contact With Others — 95% responded “Constant contact with others.”
- Letters and Memos — 88% responded “Every day.”
- Structured versus Unstructured Work
- Freedom to Make Decisions
- Electronic Mail — 52% responded “Once a week or more but not every day.”
- Time Pressure
- Importance of Being Exact or Accurate
- Indoors, Environmentally Controlled
- Deal With External Customers — 35% responded “Very important.”
- Duration of Typical Work Week
- Frequency of Decision Making — 87% responded “Once a week or more but not every day.”
- Level of Competition — 35% responded “Extremely competitive.”
- Sounds, Noise Levels Are Distracting or Uncomfortable
- In an Enclosed Vehicle or Equipment
- Impact of Decisions on Co-workers or Company Results
- Work With Work Group or Team — 59% responded “Important.”
- Frequency of Conflict Situations
- Physical Proximity — 57% responded “Slightly close (e.g., shared office).”
- Deal With Unpleasant or Angry People — 41% responded “Once a month or more but not every week.”
- Consequence of Error
- Public Speaking — 12% responded “Once a year or more but not every month.”
- Importance of Repeating Same Tasks — 41% responded “Very important.”
- Outdoors, Exposed to Weather
|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)|
Percentage of Respondents
|Education Level Required|
|Not available||Bachelor's degree|
|Not available||High school diploma or equivalent|
|Not available||Master's degree|
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.
- 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.
- Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
- Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
- Persistence — Job requires persistence in the face of obstacles.
- Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
- Independence — Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
- Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.
- 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.
Wages & Employment Trends
Median wages data collected from Credit Counselors.
Employment data collected from Credit Counselors.
Industry data collected from Credit Counselors.
|Median wages (2014)||$20.24 hourly, $42,110 annual|
|Employment (2012)||31,000 employees|
|Projected growth (2012-2022)||Faster than average (15% to 21%)|
|Projected job openings (2012-2022)||12,000|
|Top industries (2012)|
Source: Bureau of Labor Statistics 2014 wage data and 2012-2022 employment projections . "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.