Career and Education Opportunities for Loan Counselors in Bridgeport, Connecticut
Many educational and employment opportunities exist for loan counselors in the Bridgeport, Connecticut area. There are currently 710 jobs for loan counselors in Connecticut and this is projected to shrink 5% to about 670 jobs by 2016. This is not quite as good as the nation as a whole, where employment opportunities for loan counselors are expected to grow by about 16.3%. 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 $39,680 annually on average in Connecticut and about $18 hourly or $37,470 per year on average in the U.S. as a whole. Compared with people working in the overall category of Accounting and Auditing, people working as loan counselors in Connecticut earn less. They earn less than people working in the overall category of Accounting and Auditing nationally. People working as loan counselors can fill a number of jobs, such as: financial aid officer, consumer credit counselor, and pell coordinator.
The Bridgeport area is home to seventy-five schools of higher education, including three within twenty-five miles of Bridgeport where you can get a degree as a loan counselor. Loan counselors usually hold a Bachelor's degree, so it will take about four years to learn to be a loan counselor if you already have a high school diploma.
CAREER DESCRIPTION: Loan Counselor
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 Bridgeport 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.
- 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.
- 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.
- Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.
EDUCATIONAL OPPORTUNITIES: Loan Counselor Training
Naugatuck Valley Community College - Waterbury, CT
Naugatuck Valley Community College, 750 Chase Parkway, Waterbury, CT 06708-3089. Naugatuck Valley Community College is a medium sized college located in Waterbury, Connecticut. It is a public school with primarily 2-year programs and has 5,880 students. Naugatuck Valley Community College has a less than one year and an associate's degree program in Banking and Financial Support Services which graduated zero and seven students respectively in 2008.
Norwalk Community College - Norwalk, CT
Norwalk Community College, 188 Richards Avenue, Norwalk, CT 06854. Norwalk Community College is a medium sized college located in Norwalk, Connecticut. It is a public school with primarily 2-year programs and has 6,266 students. Norwalk Community College has an associate's degree program in Banking and Financial Support Services.
Housatonic Community College - Bridgeport, CT
Housatonic Community College, 900 Lafayette Blvd, Bridgeport, CT 06604-4704. Housatonic Community College is a medium sized college located in Bridgeport, Connecticut. It is a public school with primarily 2-year programs and has 5,081 students. Housatonic Community College has an associate's degree program in Banking and Financial Support Services.
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: Bridgeport, Connecticut
Bridgeport is located in Fairfield County, Connecticut. It has a population of over 136,405, which has shrunk by 2.2% in the past ten years. The cost of living index in Bridgeport, 151, is far greater than the national average. New single-family homes in Bridgeport are valued at $110,900 on average, which is far less than the state average. In 2008, twenty-six new homes were built in Bridgeport, down from forty-one the previous year.
The three big industries for women in Bridgeport are health care, educational services, and finance and insurance. For men, it is construction, administrative and support and waste management services, and accommodation and food services. The average commute to work is about 25 minutes. More than 12.2% of Bridgeport residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 4.6%, is lower than the state average.
The unemployment rate in Bridgeport is 12.1%, which is greater than Connecticut's average of 8.3%.
The percentage of Bridgeport residents that are affiliated with a religious congregation, 70.1%, is more than both the national and state average. Calvary Episcopal Church, Golden Hill United Methodist Church and Good Shepherd Christian Church are among the churches located in Bridgeport. The most common religious groups are the Catholic Church, the Episcopal Church and the United Church of Christ.
Bridgeport is home to the North Branch Bridgeport Public Library and the Challenger Learning Center as well as Went Field and Johnson Oak Park. Shopping centers in the area include Lafayette Shopping Plaza Shopping Center, Baldwin Plaza Shopping Center and Bayview Shopping Center.