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Career and Education Opportunities for Loan Counselors in Pasadena, California

Many educational and employment opportunities exist for loan counselors in the Pasadena, 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 per hour or $39,770 annually on average in California and about $18 per hour or $37,470 yearly 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. People working as loan counselors can fill a number of jobs, such as: consumer credit counselor, financial aid advisor, and commercial lending vice president.

There are 210 schools of higher education in the Pasadena area, including ten within twenty-five miles of Pasadena where you can get a degree to start your career as a loan counselor. Loan counselors usually hold a Bachelor's degree, so 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 Pasadena 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.
  • Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
  • Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
  • 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

Los Angeles Valley College - Valley Glen, CA

Los Angeles Valley College, 5800 Fulton Avenue, Valley Glen, CA 91401-4096. Los Angeles Valley College is a large college located in Valley Glen, California. It is a public school with primarily 2-year programs and has 18,550 students. Los Angeles Valley College has a less than one year and an associate's degree program in Banking and Financial Support Services which graduated one and three students respectively in 2008.

Los Angeles Trade Technical College - Los Angeles, CA

Los Angeles Trade Technical College, 400 W Washington Blvd, Los Angeles, CA 90015-4181. Los Angeles Trade Technical College is a large college located in Los Angeles, California. It is a public school with primarily 2-year programs and has 15,565 students. Los Angeles Trade Technical College has a less than one year and an associate's degree program in Banking and Financial Support Services which graduated eight and two students respectively in 2008.

Los Angeles Pierce College - Woodland Hills, CA

Los Angeles Pierce College, 6201 Winnetka Ave, Woodland Hills, CA 91371-0002. Los Angeles Pierce College is a large college located in Woodland Hills, California. It is a public school with primarily 2-year programs and has 21,832 students. Los Angeles Pierce College has a less than one year program in Banking and Financial Support Services which graduated one student in 2008.

Los Angeles Mission College - Sylmar, CA

Los Angeles Mission College, 13356 Eldridge Avenue, Sylmar, CA 91342-3245. Los Angeles Mission College is a large college located in Sylmar, California. It is a public school with primarily 2-year programs and has 10,264 students. Los Angeles Mission College has an associate's degree program in Banking and Financial Support Services.

Los Angeles Southwest College - Los Angeles, CA

Los Angeles Southwest College, 1600 W Imperial Hwy., Los Angeles, CA 90047-4899. Los Angeles Southwest College is a medium sized college located in Los Angeles, California. It is a public school with primarily 2-year programs and has 7,411 students. Los Angeles Southwest College has a one to two year and an associate's degree program in Banking and Financial Support Services which graduated one and one students respectively in 2008.

Pasadena City College - Pasadena, CA

Pasadena City College, 1570 E Colorado Blvd., Pasadena, CA 91106-2003. Pasadena City College is a large college located in Pasadena, California. It is a public school with primarily 2-year programs and has 26,453 students. Pasadena City College has less than one year, associate's degree, and two to four year programs in Banking and Financial Support Services which graduated three, zero, and zero students respectively in 2008.

Maxine Waters Employment Preparation Center - Los Angeles, CA

Maxine Waters Employment Preparation Center, 10925 South Central Ave, Los Angeles, CA 90059. Maxine Waters Employment Preparation Center is a small school located in Los Angeles, California. It is a public school with primarily less-than 2-year programs and has 2,117 students. Maxine Waters Employment Preparation Center has a less than one year program in Banking and Financial Support Services which graduated twenty students in 2008.

Glendale Community College - Glendale, CA

Glendale Community College, 1500 N Verdugo Rd, Glendale, CA 91208-2894. Glendale Community College is a large college located in Glendale, California. It is a public school with primarily 2-year programs and has 15,993 students. Glendale Community College has less than one year, associate's degree, and two to four year programs in Banking and Financial Support Services which graduated two, zero, and zero students respectively in 2008.

Claremont Graduate University - Claremont, CA

Claremont Graduate University, 150 E Tenth St, Claremont, CA 91711-6160. Claremont Graduate University is a small university located in Claremont, California. It is a private not-for-profit school with primarily 4-year or above programs and has 2,045 students. Claremont Graduate University has a master's degree program in Finance and Financial Management Services, Other Specialties which graduated seventeen students in 2008.

Los Angeles City College - Los Angeles, CA

Los Angeles City College, 855 N Vermont Ave, Los Angeles, CA 90029. Los Angeles City College is a large college located in Los Angeles, California. It is a public school with primarily 2-year programs and has 17,310 students. Los Angeles City College has an associate's degree program in Banking and Financial Support Services which graduated one student in 2008.

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: Pasadena, California

Pasadena, California
Pasadena, California photo by Morgoth666

Pasadena is located in Los Angeles County, California. It has a population of over 143,080, which has grown by 6.8% over the last ten years. The cost of living index in Pasadena, 167, is far greater than the national average. New single-family homes in Pasadena are priced at $298,000 on average, which is near the state average. In 2008, thirty-nine new homes were constructed in Pasadena, down from one hundred thirty-three the previous year.

The top three industries for women in Pasadena are educational services, health care, and professional, scientific, and technical services. For men, it is professional, scientific, and technical services, educational services, and accommodation and food services. The average commute to work is about 26 minutes. More than 41.3% of Pasadena residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 17.8%, is higher than the state average.

The unemployment rate in Pasadena is 9.7%, which is less than California's average of 12.3%.

The percentage of Pasadena residents that are affiliated with a religious congregation, 58.1%, is more than both the national and state average. Pasadena Church of God, All Saints Episcopal Church and Grace United Methodist Church are among the churches located in Pasadena. The most prominent religious groups are the Catholic Church, the Southern Baptist Convention and the LDS (Mormon) Church.

Pasadena is home to the Annandale Golf Course and the Hill Avenue Branch Pasadena Public Library as well as Victory Park and Lower Arroyo Park. Shopping centers in the area include Hastings Ranch Plaza Shopping Center, Hastings Ranch Shopping Center and Plaza Pasadena Shopping Center. Visitors to Pasadena can choose from Best Western Pasadena Inn, Best Western Colorado Inn Pasa and Astro Motel Pasadena for temporary stays in the area.