Popular Careers

Career Development

Career development resources for aspiring professionals.

Career Change Center

Career change guides, tutorials and resources for professionals in transition.

Job Search Resources

Job search resources, websites, guides and directories for job seekers.


Career and Education Opportunities for Loan Counselors in Modesto, California

Many educational and employment opportunities exist for loan counselors in the Modesto, California area. The national trend for loan counselors sees this job pool growing by about 16.3% over the next eight years. In general, loan counselors provide guidance to prospective loan applicants who have problems qualifying for traditional loans.

A person working as a loan counselor can expect to earn about $19 hourly or $39,770 annually on average in California and about $18 hourly or $37,470 annually on average in the U.S. as a whole. Incomes for loan counselors are not quite as good as in the overall category of Accounting and Auditing in California, and not quite as good as the overall Accounting and Auditing category nationally. Loan counselors work in a variety of jobs, including: financial aid counselor, consumer credit counselor, and financial aid coordinator.

The Modesto area is home to twenty-one schools of higher education, including one within twenty-five miles of Modesto where you can get a degree as a loan counselor. Given that the most common education level for loan counselors is a Bachelor's degree, you can expect to spend about four years studying to be a loan counselor if you already have a high school diploma.

CAREER DESCRIPTION: Loan Counselor

Loan Counselor video from the State of New Jersey Dept. of Labor and Workforce Development

In general, loan counselors provide guidance to prospective loan applicants who have problems qualifying for traditional loans. They also guidance may include determining the best type of loan and explaining loan requirements or restrictions.

Loan counselors interview applicants and request specified data for loan applications. They also contact applicants or creditors to deal with questions about applications or to help with completion of paperwork. Equally important, loan counselors have to check loan agreements to insure that they are complete and accurate, in line with policies. They are often called upon to maintain and review account records, updating and recategorizing them in line with status changes. They are expected to analyze applicants' financial status and property evaluations to establish feasibility of granting loans. Finally, loan counselors submit applications to credit analysts for verification and recommendation.

Every day, loan counselors are expected to be able to see details at a very fine level of focus. They need to listen to and understand others in meetings. It is also important that they speak clearly.

It is important for loan counselors to supervise loan personnel. They are often called upon to calculate amount of debt and funds available to develop methods of payoff and to estimate time for debt liquidation. They also maintain current knowledge of credit regulations. They are sometimes expected to inspect billing for accuracy. Somewhat less frequently, loan counselors are also expected to supervise loan personnel.

Loan counselors sometimes are asked to inspect accounts to establish write-offs for collection agencies. and match students' needs and eligibility with available financial aid programs to furnish informed recommendations. And finally, they sometimes have to compare data on student aid applications with eligibility requirements of assistance programs.

Like many other jobs, loan counselors must have exceptional integrity and be able to deal with stress and deal with situations calmly.

Similar jobs with educational opportunities in Modesto include:

  • Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
  • Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
  • Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
  • Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
  • Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
  • Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
  • Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
  • Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
  • Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
  • Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Loan Counselor Training

San Joaquin Delta College - Stockton, CA

San Joaquin Delta College, 5151 Pacific Ave, Stockton, CA 95207. San Joaquin Delta College is a large college located in Stockton, California. It is a public school with primarily 2-year programs and has 20,480 students. San Joaquin Delta College has a two to four year program in Banking and Financial Support Services.

CERTIFICATIONS

Certified Personal Banker: Applicable to financial services professionals who have completed the AIB Personal Banking Diploma and who function as personal bankers.

For more information, see the Institute of Certified Bankers website.

Certified Investment Management Analyst: The CIMA offers an intense educational experience focusing on asset allocation, manager search and selection, investment policy and performance measurement.

For more information, see the Investment Management Consultants Association website.

LOCATION INFORMATION: Modesto, California

Modesto, California
Modesto, California photo by Foolishfish

Modesto is located in Stanislaus County, California. It has a population of over 202,967, which has grown by 7.5% in the past ten years. The cost of living index in Modesto, 91, is below the national average. New single-family homes in Modesto cost $208,400 on average, which is far less than the state average. In 2008, one hundred thirteen new homes were constructed in Modesto, down from two hundred eighty-five the previous year.

The top three industries for women in Modesto are health care, educational services, and accommodation and food services. For men, it is construction, accommodation and food services, and educational services. The average commute to work is about 26 minutes. More than 16.5% of Modesto residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 5.3%, is lower than the state average.

The unemployment rate in Modesto is 14.4%, which is greater than California's average of 12.3%.

The percentage of Modesto residents that are affiliated with a religious congregation, 43.7%, is less than both the national and state average. Livingway Tabernacle, Seventh Day Adventist Church and Bethel Pentecostal Church are all churches located in Modesto. The most prominent religious groups are the Catholic Church, the Salvation Army and the Assemblies of God.

Modesto is home to the King-Kennedy Center and the McClure Historical Country House as well as Muncy Park and John Muir Park. Shopping malls in the area include Roosevelt Shopping Center, Gregory Gardens Shopping Center and Western Plaza Shopping Center. Visitors to Modesto can choose from Best Western Town House Lodge, Apex Inn and Arrow Inn for temporary stays in the area.