Loan Counselors

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About the Job

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.

It is also Called

  • Pell Coordinator
  • Loan Officer
  • Loan Counselor
  • Loan Consultant
  • Lending Services Manager
  • Financial Assistance Specialist
  • Financial Assistance Advisor
  • Financial Aid Officer
  • Financial Aid Director
  • Financial Aid Counselor
show all

What They Do

  • Open accounts for clients and disburse funds from clients' accounts to creditors.
  • Authorize or sign mail collection letters.
  • Arrange for maintenance or liquidation of delinquent properties.
  • Locate debtors using post office directories, utility services account listings, or mailing lists.
  • Review accounts to determine write-offs for collection agencies.
  • Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
  • Compare data on student aid applications with eligibility requirements of assistance programs.
  • Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
  • Petition courts to transfer titles and deeds of collateral to banks.
  • Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.


People who work in this occupation generally have the interest code: ESC.

This means people who work in this occupation generally have Enterprising interests, but also prefer Social and Conventional environments.

Work Values

People who work in this occupation generally prize Relationships, but also value Achievement and Independence in their jobs.

Things They Need to Know

  • 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.

Things They Need to Be Able to Do

  • 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.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.

Education Required

Most of these occupations require a four-year bachelor's degree, but some do not.

LMI Region


In 2014, the average annual wage in New Jersey was $56,950 with most people making between $37,910 and $91,350


avg. annual growth

During 2012, this occupation employed approximately 570 people in New Jersey. It is projected that there will be 660 employed in 2022.

This occupation will have about 9 openings due to growth and about 11 replacement openings for approximately 20 total annual openings.