Career and Education Opportunities for Loan Counselors in Manchester, New Hampshire
There is a wide variety of career and education opportunities for loan counselors in the Manchester, New Hampshire area. The national trend for loan counselors 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 $20 per hour or $41,710 per year on average in New Hampshire. Nationally they average about $18 hourly or $37,470 per year. Compared with people working in the overall category of Accounting and Auditing, people working as loan counselors in New Hampshire 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: financial aid director, commercial lending vice president, and consumer credit counselor.
The Manchester area is home to forty-two schools of higher education, including one within twenty-five miles of Manchester where you can get a degree as a loan counselor. Loan counselors usually hold a Bachelor's degree, so you can expect to spend about four years training to become 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 Manchester 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
Franklin Pierce University - Rindge, NH
Franklin Pierce University, 40 University Drive, Rindge, NH 03461-0060. Franklin Pierce University is a small university located in Rindge, New Hampshire. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,526 students and an admission rate of 77%. Franklin Pierce University has an associate's degree and a bachelor's degree program in Finance and Financial Management Services, Other Specialties which graduated one and four students respectively 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: Manchester, New Hampshire
Manchester is situated in Hillsborough County, New Hampshire. It has a population of over 108,586, which has grown by 1.5% in the past ten years. The cost of living index in Manchester, 120, is far greater than the national average. New single-family homes in Manchester are valued at $138,300 on average, which is far less than the state average. In 2008, eighty-eight new homes were constructed in Manchester, down from ninety-four the previous year.
The top three industries for women in Manchester are health care, educational services, and finance and insurance. For men, it is construction, accommodation and food services, and computer and electronic products. The average travel time to work is about 21 minutes. More than 22.3% of Manchester residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 7.0%, is lower than the state average.
The unemployment rate in Manchester is 7.6%, which is greater than New Hampshire's average of 6.5%.
The percentage of Manchester residents that are affiliated with a religious congregation, 58.1%, is more than both the national and state average. Bethel Christian Fellowship Church, Saint Pauls United Methodist Church and Blessed Sacrament Roman Catholic Church are among the churches located in Manchester. The most common religious groups are the Catholic Church, the United Church of Christ and the Greek Orthodox Archdiocese of America.
Manchester is home to the Spaulding House and the New Hampshire Youth Development Center as well as Derryfield Park and Crystal Lake Park. Shopping malls in the area include Hampshire Plaza Shopping Center, The Mall of New Hampshire and Second Street Shoppes Shopping Center. Visitors to Manchester can choose from TAGE Inn & Suites, CNHParking and Firebird Motel for temporary stays in the area.