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Career and Education Opportunities for Loan Counselors in Newark, New Jersey

There is a wide variety of career and education opportunities for loan counselors in the Newark, New Jersey 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.

The income of a loan counselor is about $20 hourly or $42,600 annually on average in New Jersey. In the U.S. as a whole, their income is about $18 per hour or $37,470 yearly on average. Incomes for loan counselors are not quite as good as in the overall category of Accounting and Auditing in New Jersey, and not quite as good as the overall Accounting and Auditing category nationally. Jobs in this field include: consumer credit counselor, commercial lending vice president, and financial assistance advisor.

There are 318 schools of higher education in the Newark area, including eight within twenty-five miles of Newark 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. 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 Newark 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

Pace University-New York - New York, NY

Pace University-New York, 1 Pace Plaza, New York, NY 10038-1598. Pace University-New York is a large university located in New York, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 12,229 students and an admission rate of 78%. Pace University-New York has 2 areas of study related to Loan Counselor. They are:

  • Banking and Financial Support Services, less than one year.
  • Finance and Financial Management Services, Other Specialties, master's degree.

Dominican College of Blauvelt - Orangeburg, NY

Dominican College of Blauvelt, 470 Western Highway, Orangeburg, NY 10962-1210. Dominican College of Blauvelt is a small college located in Orangeburg, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,962 students and an admission rate of 76%. Dominican College of Blauvelt has a bachelor's degree program in Finance and Financial Management Services, Other Specialties which graduated two students in 2008.

New York University - New York, NY

New York University, 70 Washington Sq South, New York, NY 10012-1091. New York University is a large university located in New York, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 42,204 students and an admission rate of 32%. New York University has a less than one year program in Banking and Financial Support Services which graduated thirteen students in 2008.

Polytechnic Institute of New York University - Brooklyn, NY

Polytechnic Institute of New York University, Six Metrotech Ctr, Brooklyn, NY 11201. Polytechnic Institute of New York University is a small university located in Brooklyn, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,983 students and an admission rate of 73%. Polytechnic Institute of New York University has a master's degree program in Finance and Financial Management Services, Other Specialties which graduated seventy-four students in 2008.

Touro College - New York, NY

Touro College, 27-33 W 23rd St, New York, NY 10010. Touro College is a large college located in New York, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 14,247 students and an admission rate of 57%. Touro College has an associate's degree program in Banking and Financial Support Services which graduated eight students in 2008.

Globe Institute of Technology - New York, NY

Globe Institute of Technology, 291 Broadway, New York, NY 10007. Globe Institute of Technology is a small school located in New York, New York. It is a private for-profit school with primarily 4-year or above programs and has 511 students. Globe Institute of Technology has a one to two year and an associate's degree program in Banking and Financial Support Services which graduated three and seven students respectively in 2008.

Mercy College - Dobbs Ferry, NY

Mercy College, 555 Broadway, Dobbs Ferry, NY 10522. Mercy College is a medium sized college located in Dobbs Ferry, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 8,792 students and an admission rate of 35%. Mercy College has an associate's degree and a master's degree program in Banking and Financial Support Services which graduated three and zero students respectively in 2008.

Bergen Community College - Paramus, NJ

Bergen Community College, 400 Paramus Rd, Paramus, NJ 07652-1595. Bergen Community College is a large college located in Paramus, New Jersey. It is a public school with primarily 2-year programs and has 15,283 students. Bergen Community College has an associate's degree program in Banking and Financial Support Services which graduated seven students in 2008.

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: Newark, New Jersey

Newark, New Jersey
Newark, New Jersey photo by Gik%C3%BC

Newark is located in Essex County, New Jersey. It has a population of over 278,980, which has grown by 2.0% in the past ten years. The cost of living index in Newark, 140, is far greater than the national average. New single-family homes in Newark are priced at $83,500 on average, which is far less than the state average. In 2008, ninety-nine new homes were built in Newark, up from twenty-nine the previous year.

The three big industries for women in Newark 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 32 minutes. More than 9.0% of Newark residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 3.0%, is lower than the state average.

The unemployment rate in Newark is 14.8%, which is greater than New Jersey's average of 9.3%.

The percentage of Newark residents that are affiliated with a religious congregation, 57.0%, is more than the national average but less than the state average. First Mount Zion Baptist Church, First Newborn Tabernacle Church and First Presbyterian Church are among the churches located in Newark. The most common religious groups are the Catholic Church, the Muslim Estimate and the American Baptist Churches in the USA.

Newark is home to the Clinton Branch Newark Public Library and the Brills Yard as well as Rippel Field and River Bank Park. Visitors to Newark can choose from Fairfield Inn and Suites, Days Hotel Newark Airport and Broad Street Hotel LLC for temporary stays in the area.