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Degrees and Schools
Bachelor's degrees in finance, business and economics are common in the occupation. Many colleges and universities offer programs in these topics.
Classes
Some of the subjects studied are shown below:
- Economics
- Finance
- Sales
- Accounting
Online Classes and Programs
A large number of schools offer online degrees in finance, business and economics. Online students should look for schools which have been provided accreditation from agencies which have been approved by the United States Department of Education or the Council for Higher Education.
Employment Requirements
Employers at banks and credit agencies usually seek candidates that have at least a bachelor's degree in finance, business or economics and have a few years of finance experience. Loan counselors need to have a solid foundation in banking practices and state and federal lending laws. For some positions sales experience is important.
Loan counselors may need to pass state certification exams or meet the requirements of a professional credit association. The major employers are banks, credit unions, savings and loans, and colleges, universities and professional schools.
How to Evaluate Schools and Programs
While evaluating schools, prospective students should consider getting answers to the following questions:
- School's Reputation - What is the reputation of the school's finance, economics and business programs?
- Training - Does the program include externships? Does the program include externships with banks, credit unions or savings and loans? Do students have to find their own externship?
- Curriculum - Are classes offered that are related to loan counseling?
- Job Placement - Does the school provide job placement services? Do representatives from banks, credit unions, and savings and loans recruit graduates at the school? Does the school provide job fairs?
- Financial Aid - What types of financial aid are available? Has the school been approved to provide federal financial aid?
- Accreditation - Has the school been provided accreditation by an agency which has been approved by the United States Department of Education or the Council for Higher Education?
Loan Counselors Job Description
Loan counselors help people that have failed to qualify for traditional loans. They recommend the best type of loan for a client and review the requirements and restrictions of loans with their clients. A loan counselor may also help clients with personal finance issues. In some companies, loan counselors also act as a salesperson and actively seek clients. Most loan counselors receive a salary but some of them also receive a commission for business they produce.
Some of their responsibilities are shown below:
- Make sure loan agreements are complete and accurate
- Evaluate applicant's financial situation, credit, and property evaluations to determine the feasibility of providing a loan
- Give loans to loan committees for approval
- Interview applicants and request information
- Approve loans within specified limits
- Stay up-to-date with credit regulations
- Help clients create a debt consolidation strategy
- Processes application materials and verify the information
- Produce the required legal paperwork to finish the loan procedure
Resources
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