Salary for Loan Counselors

Also known as:  Credit Counselor, Debt Management Counselor, Financial Assistance Advisor, Loan Counselor

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The function of a loan counselor is to educate prospective borrowers as to the types of loans available and the restrictions placed on different types of loans, as well as requirements for borrowing. Often times, loan counselors work with borrowers who may have trouble qualifying for traditional loans. As a result, they pay careful attention to the ratio of debt to income of potential borrowers in order to establish reasonable repayment plans and present estimates for the timeframe required to liquidate the debt incurred. Loan counselors may also be able to approve loans within certain limits. Individuals in this profession are expected to have several years' work experience, a four year degree, and strong customer service and computer skills.

A Loan Counselor can receive wages of between 32000 and 48000 depending on seniority. Loan Counselors will most likely receive wages of Forty One Thousand Six Hundred dollars on a yearly basis.

Loan Counselors make the highest salary in Maine, where they earn compensation, on average, of approximately $53610. People with this job title have the most lucrative average salary level in Public Administration, where they earn a compensation of $49940.

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The national wage distribution is shown below. To overlay local salaries for a Loan Counselor, please select your state.
ANNUAL SALARY
HOURLY RATE
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SALARY TREND
The annual compensation for this career has gone up since 2004. Salaries have increased by an average of 7.34 percent nationwide in that time.
INDUSTRIES
Loan Counselors tend to make the most in the following industries
Retail Trade $49,940
Public Administration $45,280
Finance and Insurance $43,500
Construction $43,040
Management of Companies and Enterprises $42,930
Other Services (except Public Administration) $41,710
In general, they earn less within the industries below
Health Care and Social Assistance $36,660
Administrative, Support and Waste Management Services $36,820
Professional, Scientific, and Technical Services $39,200
Real Estate and Rental and Leasing $40,050
Educational Services $41,640
Other Services (except Public Administration) $41,710
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