Career and Education Opportunities for Loan Counselors in Lewiston, Maine
Loan counselors can find many career and educational opportunities in the Lewiston, Maine 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 $17 hourly or $36,500 annually on average in Maine and about $18 per hour or $37,470 yearly 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 Maine 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: loan officer, financial aid coordinator, and lending services manager.
There are ten schools of higher education in the Lewiston area, including one within twenty-five miles of Lewiston where you can get a degree to start your career as a loan counselor. The most common level of education 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
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 Lewiston 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
Saint Joseph's College of Maine - Standish, ME
Saint Joseph's College of Maine, 278 Whites Bridge Rd, Standish, ME 04084-5236. Saint Joseph's College of Maine is a small college located in Standish, Maine. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,771 students and an admission rate of 78%. Saint Joseph's College of Maine has a bachelor's degree program in Banking and Financial Support Services which graduated one student 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: Lewiston, Maine
Lewiston is located in Androscoggin County, Maine. It has a population of over 35,131, which has shrunk by 1.6% in the past ten years. The cost of living index in Lewiston, 93, is below the national average. New single-family homes in Lewiston are valued at $166,000 on average, which is below the state average. In 2008, thirty-two new homes were constructed in Lewiston, up from twenty-five the previous year.
The three big industries for women in Lewiston are health care, educational services, and finance and insurance. For men, it is construction, educational services, and accommodation and food services. The average travel time to work is about 19 minutes. More than 12.6% of Lewiston residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 4.0%, is lower than the state average.
The unemployment rate in Lewiston is 8.5%, which is greater than Maine's average of 7.6%. About 15.5% of Lewiston's residents are below the poverty line, which is worse than the state average.
The percentage of Lewiston residents that are affiliated with a religious congregation, 49.8%, is less than the national average but more than the state average. Holy Cross Catholic Church, Spirit of Fire Evangelistic Church and Amazing Grace Mission are some of the churches located in Lewiston. The most common religious groups are the Catholic Church, the American Baptist Churches in the USA and the United Methodist Church.
Lewiston is home to the Lewiston City Hall and the Stanton Museum as well as Thorncrag Bird Sanctuary and Elliot Little League Ball Fields. Shopping centers in the area include Shaws Plaza Center Shopping Center, North Wood Park Shopping Center and The Market Place Shopping Center. Visitors to Lewiston can choose from Motel 6, Maine Motel And Cabins and Dudley's for temporary stays in the area.