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Career and Education Opportunities for Loan Counselors in Albuquerque, New Mexico

Loan counselor career and educational opportunities abound in Albuquerque, New Mexico. 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.

Loan counselors earn about $18 hourly or $37,750 yearly on average in New Mexico and about $18 hourly or $37,470 annually on average nationally. Earnings for loan counselors are not quite as good as earnings in the general category of Accounting and Auditing in New Mexico and not quite as good as general Accounting and Auditing category earnings nationally. People working as loan counselors can fill a number of jobs, such as: financial aid advisor, credit counselor, and consumer credit counselor.

There is one school within twenty-five miles of Albuquerque where you can study to be a loan counselor, among seventeen schools of higher education total in the Albuquerque area. 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.


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 Albuquerque 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 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.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.


Central New Mexico Community College - Albuquerque, NM

Central New Mexico Community College, 525 Buena Vista SE, Albuquerque, NM 87106. Central New Mexico Community College is a large college located in Albuquerque, New Mexico. It is a public school with primarily 2-year programs and has 24,690 students. Central New Mexico Community College has a one to two year and an associate's degree program in Banking and Financial Support Services which graduated two and eight 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.



Licensing agency: Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor, Santa Fe, NM 87505

Phone: (505) 476-4885
Website: Financial Institutions Division

Registered Mortgage Company

Licensing agency: Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor, Santa Fe, NM 87505

Phone: (505) 476-4885
Website: Financial Institutions Division

LOCATION INFORMATION: Albuquerque, New Mexico

Albuquerque, New Mexico
Albuquerque, New Mexico photo by Debernardi

Albuquerque is situated in Bernalillo County, New Mexico. It has a population of over 521,999, which has grown by 16.4% in the past ten years. The cost of living index in Albuquerque, 89, is well below the national average. New single-family homes in Albuquerque cost $176,100 on average, which is above the state average. In 2008, 1,067 new homes were built in Albuquerque, down from 2,096 the previous year.

The three big industries for women in Albuquerque are health care, educational services, and accommodation and food services. For men, it is construction, professional, scientific, and technical services, and educational services. The average commute to work is about 20 minutes. More than 31.8% of Albuquerque residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 13.4%, is higher than the state average.

The unemployment rate in Albuquerque is 6.9%, which is less than New Mexico's average of 7.5%.

The percentage of Albuquerque residents that are affiliated with a religious congregation, 54.7%, is more than the national average but less than the state average. Heights Seventh Day Adventist Church, Hope Church and Baptist Student Union are some of the churches located in Albuquerque. The most common religious groups are the Catholic Church, the Southern Baptist Convention and the Non-Charismatic Churches Independent.

Albuquerque is home to the Menaul School Historic District and the Volcano Ranch as well as Cutler Park and Eunice Kaloch Park. Shopping centers in the area include Del Norte Parkade Shopping Center, Westway Shopping Center and Winrock Shopping Center. Visitors to Albuquerque can choose from Winrock Inn-Best Western, New Mexico State Government - Health Department- Behavioral Health Services Divi and Motel 6 for temporary stays in the area.