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Loan Counselors - 13-2071.01

O*NET-SOC Description

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
  • Financial Counselor
  • Loan Counselor
  • Peer Financial Counselor

SOC Occupation Groups

Related Occupations

Tasks

  • Advise students on available financial-aid awards.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Analyze potential loan markets to find opportunities to promote loans and financial services.
  • Approve loans within specified limits.
  • Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
  • Authorize or sign mail collection letters.
  • Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
  • Check loan agreements to ensure that they are complete and accurate, according to policies.
  • Compare data on student aid applications with eligibility requirements of assistance programs.
  • Confer with underwriters to resolve mortgage application problems.
  • Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
  • Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
  • Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
  • Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
  • Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
  • Inform individuals and groups about the financial assistance available to college or university students.
  • Interview applicants and request specified information for loan applications.
  • Locate debtors using post office directories, utility services account listings, or mailing lists.
  • Maintain and review account records, updating and recategorizing them according to status changes.
  • Maintain current knowledge of credit regulations.
  • Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
  • Open accounts for clients and disburse funds from clients' accounts to creditors.
  • Provide entrance or exit loan counseling to students.
  • Refer loans to loan committees for approval.
  • Review accounts to determine write-offs for collection agencies.
  • Review billing for accuracy.
  • Submit applications to credit analysts for verification and recommendation.
  • Supervise loan personnel.

Detailed Work Activities

  • Advise others on financial matters.
  • Analyze market conditions or trends.
  • Assess financial status of clients.
  • Authorize financial actions.
  • Compute debt repayment schedules.
  • Conduct eligibility or selection interviews.
  • Confer with others about financial matters.
  • Correspond with customers to answer questions or resolve complaints.
  • Develop financial plans for clients.
  • Disburse funds from clients accounts to creditors.
  • Educate clients on financial planning topics.
  • Examine financial records.
  • Inform individuals or organizations of status or findings.
  • Maintain data in information systems or databases.
  • Negotiate agreements to resolve disputes.
  • Submit financial applications.
  • Supervise employees.
  • Update knowledge of legal or regulatory environments.
  • Verify accuracy of financial information.
  • Verify accuracy of records.
  • Verify application data to determine program eligibility.

Military Crosswalk Titles

No information available.

Apprenticeship Crosswalk Titles

No information available.

DOT Crosswalk Titles

  • Credit Counselor
  • Financial-Aid Counselor