Popular Careers

Career Development

Career development resources for aspiring professionals.

Career Change Center

Career change guides, tutorials and resources for professionals in transition.

Job Search Resources

Job search resources, websites, guides and directories for job seekers.


Career and Education Opportunities for Loan Counselors in Charleston, South Carolina

For those living in the Charleston, South Carolina area, there are many career and education opportunities for loan counselors. Currently, 620 people work as loan counselors in South Carolina. This is expected to grow 10% to 680 people by 2016. This is not quite as good as the nation as a whole, where employment opportunities for loan counselors are expected to grow by about 16.3%. In general, loan counselors provide guidance to prospective loan applicants who have problems qualifying for traditional loans.

Loan counselors earn about $16 per hour or $34,200 per year on average in South Carolina and about $18 hourly or $37,470 yearly on average nationally. Earnings for loan counselors are not quite as good as earnings in the general category of Accounting and Auditing in South Carolina 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 assistance advisor, consumer credit counselor, and financial aid officer.

The Charleston area is home to fourteen schools of higher education, including one within twenty-five miles of Charleston where you can get a degree as a loan counselor. Loan counselors usually hold a Bachelor's degree, so 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 Charleston 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.
  • 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

Trident Technical College - Charleston, SC

Trident Technical College, 7000 Rivers Avenue, Charleston, SC 29423-8067. Trident Technical College is a large college located in Charleston, South Carolina. It is a public school with primarily 2-year programs and has 12,758 students. Trident Technical College has a less than one year program in Banking and Financial Support Services which graduated two 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: Charleston, South Carolina

Charleston, South Carolina
Charleston, South Carolina photo by AudeVivere

Charleston is situated in Charleston County, South Carolina. It has a population of over 111,978, which has grown by 15.9% over the last ten years. The cost of living index in Charleston, 94, is below the national average. New single-family homes in Charleston cost $157,600 on average, which is below the state average. In 2008, five hundred eight new homes were built in Charleston, down from eight hundred seventy-eight the previous year.

The top three industries for women in Charleston are health care, educational services, and accommodation and food services. For men, it is accommodation and food services, construction, and professional, scientific, and technical services. The average commute to work is about 20 minutes. More than 37.5% of Charleston residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 13.9%, is higher than the state average.

The unemployment rate in Charleston is 10.5%, which is less than South Carolina's average of 12.0%.

The percentage of Charleston residents that are affiliated with a religious congregation, 42.7%, is less than both the national and state average. Plymouth Congregational Church, Lutheran Church of the Redeemer and Holy Trinity Episcopal Church are among the churches located in Charleston. The largest religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.

Charleston is home to the United State Department of Agriculture and the The Center as well as Harmon Field and Stoney Field. Shopping malls in the area include Church Creek Plaza Shopping Center, Citadel Mall Shopping Center and South Windermere Shopping Center. Visitors to Charleston can choose from French Quarter Inn, Fulton Lane Inn and Budget Inn for temporary stays in the area.