What Is a Deficiency Balance?
A deficiency balance is the amount of money that a student borrower owes to their lender. This can happen if the borrower doesn't make their required monthly payments, or if they default on their loan. The borrower will then be responsible for paying back the entire loan plus any interest and fees that have accrued. If the borrower is unable to pay off the deficiency balance, they may be subject to wage garnishment, legal action, and damage to their credit score.
The Law Offices of Omar Zambrano has helped thousands of the people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
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