Loan Officers: Salary, Job Outlook & How to Become One (2026 Parent Guide)
Business and Financial Operations · SOC 13-2072 · O*NET 13-2072.00
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.
Loan Officers fall under the Business and Financial Operations category in the U.S. occupational classification. Loan Officers earn a median salary of $74,180 per year, ranking in the top 30% of all U.S. occupations. The Bureau of Labor Statistics projects +1.7% job growth through 2034, projected to grow slower than the US average. Entry into this field typically requires a bachelor's degree, with specific licensing or certification depending on the state and employer. For parents whose teenager is exploring this path, the most actionable step is mapping the education requirements to specific colleges and majors before junior year — not waiting until application season.
What do loan officers earn?
The median annual wage for loan officers is $74,180. That puts loan officers at #241 on the BLS ranked list of all U.S. occupations by median pay. This salary is above the U.S. median for individual workers and reflects a stable, credentialed occupation. Actual pay varies meaningfully by state, employer type, and years of experience — entry-level salaries are typically 30–40% below the median, while top-decile earners often exceed it by 50% or more.
| 10th percentile (entry-level) | $38,490 |
| 25th percentile | $50,460 |
| 50th percentile (median) | $74,180 |
| 75th percentile | $101,920 |
| 90th percentile (top earners) | $145,780 |
| Median hourly wage | $35.66/hr |
Is loan officers a growing career?
The 10-year outlook for loan officers is +1.7%, projected to grow slower than the US average. Employment is projected to move from approximately 301K positions in 2024 to 306K in 2034, a net change of 5K. Flat growth typically reflects a mature, stable field. Most openings will come from retirements rather than new positions, which can favor candidates with strong networks and willingness to relocate.
What do loan officers do every day?
According to O*NET task surveys of working loan officers, these are the core responsibilities most professionals perform. This is what your teen would actually be doing in this role.
- 1.Submit applications to credit analysts for verification and recommendation.
- 2.Meet with applicants to obtain information for loan applications and to answer questions about the process.
- 3.Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- 4.Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- 5.Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- 6.Review loan agreements to ensure that they are complete and accurate according to policy.
- 7.Review and update credit and loan files.
- 8.Work with clients to identify their financial goals and to find ways of reaching those goals.
Top skills for loan officers
O*NET ranks these as the most important skills for this occupation, on a 1–5 importance scale derived from worker surveys.
What education does my child need to become loan officer?
The standard path into loan officers begins with a bachelor's degree in a related field, followed by entry-level experience or internships during college. For parents helping a teen prepare, the highest-leverage step before junior year is identifying colleges and programs that feed reliably into this occupation — Solyo's college search lets parents filter by major and admissions data side by side.
Based on O*NET surveys of incumbents — what people in this job actually have, not what employers list as required.
Related careers your child might also consider
How parents help teens explore careers like this
Solyo helps parents map a teen's interests to specific careers, then back to the colleges and majors that lead there. Salary, outlook, and education data come from BLS and O*NET — the same sources high school counselors use — but presented for the parent's planning lens, not the student's exploration view.
Common questions parents ask about loan officers
What is the median salary for loan officers?
The median annual salary for loan officers is $74,180 according to the latest Bureau of Labor Statistics data.
Is loan officers a growing career?
BLS projects +1.7% growth for loan officers from 2024 through 2034, which is flat growth projected to grow slower than the US average.
What education does my child need to become loan officer?
The typical entry path requires a bachelor's degree, plus any state licensure or certification specific to the role. Programs that align well with this career can be filtered inside Solyo's college search.
What careers are similar to loan officers?
Related occupations within the Business and Financial Operations category share education paths and skill profiles, so they're a useful starting set when a teen is uncertain. The "Related careers" section below lists nearby options.
Salary data sourced from the U.S. Bureau of Labor Statistics Occupational Employment Statistics program. Skills, tasks, and education distribution from the O*NET database. Job outlook from the BLS Employment Projections 2024–2034 release.