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I did recently write about this, but I had a different question arise. My wife has student loans in collections and I thought she had come to an agreement with them for repayment. However, she clarified that the collection agency(Coast) wanted $700/month. This is not a realistic amount for us to pay. She instead authorized them to charge a much lower amount to her credit card.
We are working toward getting a mortgage and realistically an FHA mortgage is our best option. Due to the low down payment requirement. I now understand that a federal student loan in poor standing will likely affect our ability to get a mortgage through the FHA.
Question is should we try for rehabbing the loan? Is this an option? Or do we need work out something with the collection agency? Is the current letter we received stating the amount they are charging her card an "agreement" showing our intent to pay the loan/debt?
It is much better for your wife to rehab the loan.
Go to the student loan section for information on rehabbing her loans http://ficoforums.myfico.com/t5/Student-Loans/bd-p/studentloans