Advice on Student Loan in Collection

[Cecilia37]

Hi all,

Just getting serious about this now, as I have a little extra money at the moment to help with rehabbing.  The most confusing thing on my credit report, as far as the best way to deal with it, is my student loan debt.  This is how it is currently reported:

Orig Balance - $12k

Current Balance - $0

Payment - $75

Last Payment - **/**/2009

Current Status - Collection/Charge Off

Opened - **/**/1995

Reported - **/**/2010

Remarks - Collection Account|Placed for collection

There is no collection agency contact, it only lists the Dept of Ed's info.  My questions are:

1.  Can I settle this debt less than the original?  If so, how much should I shoot for?

2.  Who do I contact about it?

3.  Will it then age off of my report?

4.  If so, would it age off 7 years from the date of last payment, or the date reported, or from when I pay?

5.  Is there anything else I should know?

Thanks in advance for any advice, I'm having trouble finding relevant info to this specific situation online.

[pizzadude]

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@Cecilia37 wrote:

Hi all,

Just getting serious about this now, as I have a little extra money at the moment to help with rehabbing.  The most confusing thing on my credit report, as far as the best way to deal with it, is my student loan debt.  This is how it is currently reported:

Orig Balance - $12k

Current Balance - $0

Payment - $75

Last Payment - **/**/2009

Current Status - Collection/Charge Off

Opened - **/**/1995

Reported - **/**/2010

Remarks - Collection Account|Placed for collection

There is no collection agency contact, it only lists the Dept of Ed's info.  My questions are:

1.  Can I settle this debt less than the original?  If so, how much should I shoot for?

2.  Who do I contact about it?

3.  Will it then age off of my report?

4.  If so, would it age off 7 years from the date of last payment, or the date reported, or from when I pay?

5.  Is there anything else I should know?

Thanks in advance for any advice, I'm having trouble finding relevant info to this specific situation online.

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Is a federal or private loan?  The answers will depend on which type...

[Cecilia37]

It was a federal loan, but I think it may have been passed off to collections, only I don't know for sure or to whom.