Career and Education Opportunities for Loan Counselors in Wilmington, Delaware
For those living in the Wilmington, Delaware area, there are many career and education opportunities for loan counselors. 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 $18 hourly or $39,150 annually on average in Delaware and about $18 per hour 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 Delaware earn less. They earn less than people working in the overall category of Accounting and Auditing nationally. Loan counselors work in a variety of jobs, including: pell coordinator, financial aid advisor, and financial aid coordinator.
There are four schools within twenty-five miles of Wilmington where you can study to be a loan counselor, among 109 schools of higher education total in the Wilmington area. Given that the most common education level for loan counselors is a Bachelor's degree, 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 Wilmington 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
Cecil College - North East, MD
Cecil College, One Seahawk Drive, North East, MD 21901-1999. Cecil College is a small college located in North East, Maryland. It is a public school with primarily 2-year programs and has 2,274 students. Cecil College has a one to two year program in Banking and Financial Support Services.
Immaculata University - Immaculata, PA
Immaculata University, 1145 King Rd, Immaculata, PA 19345-0702. Immaculata University is a small university located in Immaculata, Pennsylvania. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,855 students and an admission rate of 80%. Immaculata University has a bachelor's degree program in Finance and Financial Management Services, Other Specialties which graduated fifteen students in 2008.
Delaware Technical and Community College-Stanton-Wilmington - Newark, DE
Delaware Technical and Community College-Stanton-Wilmington, 400 Stanton-Christiana Rd, Newark, DE 19702. Delaware Technical and Community College-Stanton-Wilmington is a medium sized college located in Newark, Delaware. It is a public school with primarily 2-year programs and has 7,460 students. Delaware Technical and Community College-Stanton-Wilmington has an associate's degree program in Banking and Financial Support Services which graduated one student in 2008.
Center for Innovative Training and Education - Philadelphia, PA
Center for Innovative Training and Education, 714 Market St Ste 433, Philadelphia, PA 19106. school located in Philadelphia, Pennsylvania. It is a private for-profit school with primarily less-than 2-year programs and has 41 students. Center for Innovative Training and Education has a less than one year program in Banking and Financial Support Services which graduated twenty-two students in 2008.
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: Wilmington, Delaware
Wilmington is located in New Castle County, Delaware. It has a population of over 72,592, which has shrunk by 0.1% in the past ten years. The cost of living index in Wilmington, 102, is above the national average. New single-family homes in Wilmington are valued at $58,400 on average, which is far less than the state average. In 2008, twenty-eight new homes were built in Wilmington, down from forty-seven the previous year.
The three most popular industries for women in Wilmington are finance and insurance, health care, and educational services. For men, it is finance and insurance, construction, and professional, scientific, and technical services. The average travel time to work is about 23 minutes. More than 21.4% of Wilmington residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 8.6%, is lower than the state average.
The unemployment rate in Wilmington is 13.3%, which is greater than Delaware's average of 8.5%.
The percentage of Wilmington residents that are affiliated with a religious congregation, 45.7%, is less than the national average but more than the state average. Saint Andrews Church, Sacred Heart Catholic Church and Beth Shalom Congregation are among the churches located in Wilmington. The largest religious groups are the Catholic Church, the United Methodist Church and the Presbyterian Church (USA).
Wilmington is home to the Interchange 3 and the The Rocks as well as Rodney Square and Cool Spring Park. Visitors to Wilmington can choose from Howard Johnson Restaurants, Riverview Motel and Hotel Du Pont for temporary stays in the area.