Loan Counselor Education Requirements


The loan counselor provides guidance to various clients in repaying and obtaining loans. It is essential that the loan counselor education is pursued at least till the graduation level. Employers generally look for professional experience as well in order to be able to handle different loan sanctions. The counselor must be aware of the different state regulations as well.

The loan counselor also helps in application paper work, checking credit scores and also finding alternatives for traditional loan plans. He or she assists in consolidating debt and also proving different options for loan repayments.

Loan Counselor Education Requirements:

  • The candidate must hold at least a high school diploma. He could also have a GED equivalent. Economics, algebra, accounting, statistics and English are the required subjects.
  • A bachelor’s degree in accounting, finance, business administration, economics, and other relevant fields.
  • Associate’s Degree in Loan Counseling
  • Pass certification in licensing examinations: These differ from state to state since most states do not offer any compulsion on acquiring a license. However, for private independent loan counselors, the licensing becomes mandatory.

Loan Counselor Degrees, Courses and Certification:

  • Bachelor’s Degree in Bank Administration, Finance etc.
  • Certification in Financial Counseling
  • Certification in Statistics and Accounting

Loan Counselor Qualification and Training:

There is a vital need to gain experience through training and professional experience. The training process helps in exposing the aspirant in the different kinds of situations one is likely to face. Employers prefer professionally experienced loan counselors and this is fulfilled by certificate training. Some institutions provide training after employment.

Loan Counselor Colleges and Universities

Loan Counselor Wages and Salaries:

According to the U.S BLT, the salary of an average loan counselor ranges from $67,000 to $82,000 per annum. Some loan counselors also get paid on an hourly basis. This is dependent on the financial bank.

Category: Banking Education Requirements

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