Salary for Loan Counselors
This occupation has now been updated to Loan Officers
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 get an average wage on a scale from $32,160 and $74,410 depending on experience and education levels. will normally get a salary of fourty-nine thousand nine hundred and fourty dollars on an annual basis.
can obtain the highest salaries in District of Columbia, where they earn compensation, on average, of approximately $70,530. They have the best average pay in Retail Trade, where they can receive an average job salary of $90,470.
The annual compensation for this career has gone up since 2004. Salaries have increased by an average of 29.29 percent nationwide in that time.
Loan Counselors tend to make the most in the following industries:
In general, they earn less within the industries below:
