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Career and Education Opportunities for Loan Counselors in Austin, Texas

There are many career and education opportunities for loan counselors in the Austin, Texas area. There are currently 3,870 working loan counselors in Texas; this should grow 12% to 4,330 working loan counselors in the state 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.

Income for loan counselors is about $15 hourly or $32,710 per year on average in Texas. Nationally, their income is about $18 per hour or $37,470 yearly. Loan counselors earn less than people working in the category of Accounting and Auditing generally in Texas and less than people in the Accounting and Auditing category nationally. Loan counselors work in a variety of jobs, including: loan officer, financial aid officer, and lending services manager.

There are thirty-five schools of higher education in the Austin area, including one within twenty-five miles of Austin where you can get a degree to start your career 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 Austin 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

Austin Community College District - Austin, TX

Austin Community College District, 5930 Middle Fiskville Rd, Austin, TX 78752. Austin Community College District is a large college located in Austin, Texas. It is a public school with primarily 2-year programs and has 35,798 students. Austin Community College District has a one to two year and an associate's degree program in Banking and Financial Support Services which graduated two and one students respectively 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: Austin, Texas

Austin, Texas
Austin, Texas photo by Wikidiculous

Austin is located in Travis County, Texas. It has a population of over 757,688, which has grown by 15.4% over the last ten years. The cost of living index in Austin, 88, is well below the national average. New single-family homes in Austin are valued at $139,500 on average, which is well below the state average. In 2008, 1,928 new homes were constructed in Austin, down from 3,155 the previous year.

The three big industries for women in Austin are educational services, health care, and professional, scientific, and technical services. For men, it is construction, professional, scientific, and technical services, and accommodation and food services. The average commute to work is about 22 minutes. More than 40.4% of Austin residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 14.7%, is higher than the state average.

The unemployment rate in Austin is 6.5%, which is less than Texas's average of 8.1%.

The percentage of Austin residents that are affiliated with a religious congregation, 46.2%, is less than both the national and state average. Pilgrim Rest Primitive Baptist Church, Adam and Eve Garden Baptist Church and Pleasant Hill Baptist Church are all churches located in Austin. The largest religious groups are the Catholic Church, the Southern Baptist Convention and the United Methodist Church.

Austin is home to the Morris Williams Golf Course and the Sixth Street Historic District as well as Wild Basin Wilderness Park and Rudolph Gamblin Field. Shopping centers in the area include Capital Plaza Shopping Center, Capital Plaza Shopping Center and Lamar Plaza Shopping Center. Visitors to Austin can choose from Club Hotel by Doubletree Austin University Area, Austin Folk House and AmeriPark at Austin for temporary stays in the area.