With total US student loan debt over $1.59 trillion spread over nearly 45 million borrowers, the need for specialists who understand the complexities of student loans is high. Student loan counselors fill this critical need, helping borrowers understand and meet their obligations to lenders.
What Do Student Loan Counselors Do?
Student loan counselors help borrowers understand the terms of their loan and suggest ways for the borrower to meet those terms so as to avoid default.
Often, student loan counselors work with borrowers who have fallen behind on their payments. The student loan counselor’s role in these situations is to contact the borrower, explain their options, and gather the necessary information to help the borrower get on a payment plan that works for them.
Key job tasks include collecting and verifying data, communicating by phone, letter, and email, and following directions and policies closely in order to ensure a fair, consistent experience for borrowers.
What Kind of Experience and Education Do I Need to Become a Student Loan Counselor?
Typically, student loan counselors start their careers with a two-year degree in business or a related topic, or with two years’ experience in a customer service role.
Key skills student loan counselors need in order to do their jobs well include:
- Understanding and using spreadsheets and similar computer applications,
- The ability to remember and input data accurately,
- Strong customer service skills,
- Good oral and written communication skills,
- An understanding of the need to maintain the confidentiality of borrower information.
Each employer has its own set of scripts, policies, and other guidelines that its student loan counselors follow while performing their jobs. The employer will provide the necessary training in these particular processes.
Where Can I Find a Job as a Student Loan Counselor in Minnesota?
At THE RIGHT STAFF, LLC, our recruiters connect Minnesota job-seekers with some of the best job opportunities and employers available. Contact us today to learn more.