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Career and Education Opportunities for Loan Counselors in Round Rock, Texas

If you want to be a loan counselor, the Round Rock, Texas area offers many opportunities both for education and employment. Currently, 3,870 people work as loan counselors in Texas. This is expected to grow 12% to 4,330 people by 2016. This is not quite as good as the national trend for loan counselors, which 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.

Income for loan counselors is about $15 hourly or $32,710 per year on average in Texas. Nationally, their income is about $18 hourly or $37,470 yearly. Incomes for loan counselors are not quite as good as in the overall category of Accounting and Auditing in Texas, and not quite as good as the overall Accounting and Auditing category nationally. People working as loan counselors can fill a number of jobs, such as: financial aid advisor, commercial lending vice president, and financial aid administrator.

There are thirty-four schools of higher education in the Round Rock area, including one within twenty-five miles of Round Rock where you can get a degree to start your career as a loan counselor. Loan counselors usually hold a Bachelor's degree, so you can expect to spend about four years studying 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 Round Rock 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: Round Rock, Texas

Round Rock, Texas
Round Rock, Texas photo by Redsully

Round Rock is located in Williamson County, Texas. It has a population of over 104,446, which has grown by 70.8% in the past ten years. The cost of living index in Round Rock, 83, is well below the national average. New single-family homes in Round Rock are priced at $145,400 on average, which is well below the state average. In 2008, three hundred twenty-four new homes were constructed in Round Rock, down from seven hundred ninety-six the previous year.

The three big industries for women in Round Rock are educational services, computer and electronic products, and health care. For men, it is computer and electronic products, construction, and public administration. The average travel time to work is about 26 minutes. More than 32.9% of Round Rock residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 9.1%, is higher than the state average.

The unemployment rate in Round Rock is 6.2%, which is less than Texas's average of 8.1%.

The percentage of Round Rock residents that are affiliated with a religious congregation, 40.0%, is less than both the national and state average. Primera Iglesia Bautista of Round Rock Church, Round Rock Chapel Church and Round Rock Church of Christ are all churches located in Round Rock. The most common religious groups are the Catholic Church, the Southern Baptist Convention and the United Methodist Church.

Round Rock is home to the Inn at Brushy Creek and the Captain Nelson Merrell House as well as Roundrock West Park and Mesa Village Park. Visitors to Round Rock can choose from Best Western Executive Inn and Austin Marriott North for temporary stays in the area.