Credit Counselors and Loan Officers earn $73,940 median salary – here's the full picture
The median annual wage for Credit Counselors and Loan Officers hits $73,940, according to the Bureau of Labor Statistics. That works out to nearly $36 an hour for the 302,100 professionals in this role nationwide. The bottom 10% earn around $39,200 while top earners bring home $144,960 or more.
How much Credit Counselors and Loan Officers earn
The mean hourly wage for this occupation is $40.86, with a mean annual salary of $84,980. But those averages hide a wide spread: half of all workers earn between roughly $50,000 and $100,000. Your actual pay depends on your employer type, your location, and whether you specialize in consumer counseling or commercial lending.
- National median salary: $73,940 per year
- 10th percentile: $39,200
- 90th percentile: $144,960
- Employment: 302,100 workers
Pay by state
Because the BLS does not publish state-level breakdowns specifically for this combined occupation, the best proxy is to look at broader financial services trends. Generally, states with major banking hubs — New York, California, Texas, and Florida — offer higher wages. Rural or lower-cost states tend to pay below the national median. For precise state data, check state labor agency reports or BLS data for Loan Officers (SOC 13-2072) separately.
How to become a Credit Counselor or Loan Officer
Most employers require at least a bachelor's degree in finance, business, economics, or a related field. For credit counselors, voluntary certification through the National Foundation for Credit Counseling or similar bodies boosts credibility. Loan officers typically need to be licensed through the Nationwide Multistate Licensing System (NMLS), which includes a background check and pre-licensing education. On-the-job training is standard for both roles, often lasting a few months.
- Earn a bachelor's degree (finance, business, or related)
- Complete NMLS licensing (loan officers) or certification (credit counselors)
- Gain 1-2 years of entry-level experience in banking or counseling
- Pursue continuing education to maintain credentials
Job outlook
The BLS does not provide a specific growth projection for this combined category. However, the demand for credit counseling tends to rise during economic downturns as consumers seek debt management help. Loan officer hiring follows interest rates and real estate activity. Overall, turnover and replacement needs should create steady openings, but growth may be slower than the average for all occupations.
Frequently asked questions
What does a Credit Counselor do vs. a Loan Officer?
Credit counselors advise consumers on debt management, budgeting, and credit improvement. Loan officers evaluate, authorize, or recommend approval of loans for individuals or businesses. Both roles involve financial analysis and client interaction.
Do I need a license to be a Credit Counselor or Loan Officer?
Loan officers must be licensed through NMLS in most states. Credit counselors typically need certification from organizations like NFCC or FCAA, but licensing is less common than for loan officers.
Can I earn more than $100,000 as a Credit Counselor or Loan Officer?
Yes — the top 10% of earners make over $144,960. High earners often work in commercial lending or at large banks. Experience, performance bonuses, and commission structures significantly boost income.
Salary figures are U.S. Bureau of Labor Statistics estimates (OEWS / Employment Projections). For informational purposes only; not career or financial advice. See the full Credit Counselors and Loan Officers data.