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Career and Education Opportunities for Loan Counselors in St. Louis, Missouri

There are many career and education opportunities for loan counselors in the St. Louis, Missouri area. There are currently 500 jobs for loan counselors in Missouri and this is projected to grow by 3% to about 510 jobs by 2016. This is not quite as good as the national trend for loan counselors, which sees this job pool growing by about 16.3% over the next eight years. Loan counselors generally provide guidance to prospective loan applicants who have problems qualifying for traditional loans.

Loan counselors earn approximately $16 per hour or $34,920 annually on average in Missouri. Nationally they average about $18 hourly or $37,470 yearly. Compared with people working in the overall category of Accounting and Auditing, people working as loan counselors in Missouri earn less. They earn less than people working in the overall category of Accounting and Auditing nationally. Jobs in this field include: loan consultant, lending services manager, and financial aid director.

There are seventy-one schools of higher education in the St. Louis area, including four within twenty-five miles of St. Louis where you can get a degree to start your career as a loan counselor. 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

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 St. Louis 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.
  • 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

Saint Louis Community College-Meramec - Kirkwood, MO

Saint Louis Community College-Meramec, 11333 Big Bend Blvd, Kirkwood, MO 63122. Saint Louis Community College-Meramec is a large college located in Kirkwood, Missouri. It is a public school with primarily 2-year programs and has 10,217 students. Saint Louis Community College-Meramec has an associate's degree program in Banking and Financial Support Services.

Lewis and Clark Community College - Godfrey, IL

Lewis and Clark Community College, 5800 Godfrey Rd, Godfrey, IL 62035. Lewis and Clark Community College is a medium sized college located in Godfrey, Illinois. It is a public school with primarily 2-year programs and has 8,016 students. Lewis and Clark Community College has a less than one year program in Banking and Financial Support Services which graduated eleven students in 2008.

Saint Louis Community College-Florissant Valley - Saint Louis, MO

Saint Louis Community College-Florissant Valley, 3400 Pershall Rd, Saint Louis, MO 63135. Saint Louis Community College-Florissant Valley is a medium sized college located in Saint Louis, Missouri. It is a public school with primarily 2-year programs and has 6,515 students. Saint Louis Community College-Florissant Valley has an associate's degree program in Banking and Financial Support Services which graduated one student in 2008.

Saint Louis Community College-Forest Park - Saint Louis, MO

Saint Louis Community College-Forest Park, 5600 Oakland Ave, Saint Louis, MO 63110. Saint Louis Community College-Forest Park is a medium sized college located in Saint Louis, Missouri. It is a public school with primarily 2-year programs and has 7,164 students. Saint Louis Community College-Forest Park has an associate's degree 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: St. Louis, Missouri

St. Louis, Missouri
St. Louis, Missouri photo by Dschwen

St. Louis is located in St. Louis City County, Missouri. It has a population of over 354,361, which has grown by 1.8% over the last ten years. The cost of living index in St. Louis, 83, is well below the national average. New single-family homes in St. Louis are priced at $111,600 on average, which is far less than the state average. In 2008, one hundred fifty-seven new homes were built in St. Louis, down from two hundred sixty-one the previous year.

The top three industries for women in St. Louis are health care, educational services, and accommodation and food services. For men, it is accommodation and food services, construction, and educational services. The average travel time to work is about 25 minutes. More than 19.1% of St. Louis residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 7.6%, is lower than the state average.

The unemployment rate in St. Louis is 10.9%, which is greater than Missouri's average of 8.9%.

Nativity of Our Lord Church, Church of the Good Shepard and Church of the Holy Communion are among the churches located in St. Louis.

St. Louis is home to the Terminal Railroad Association Building and the Memorial Home as well as Washington Park and Willmore Park. Shopping malls in the area include Hampton Village Shopping Center and Loughborough Shopping Center.