I had cosigned on a student loan back in 2005. I just received a letter in the mail from a collection agency regarding this private loan. Unfortunately the owner of the loan can't keep a job so it's in default. I immediately signed up for an account on the sally mae website to view all the details. What's my next step? Call sally mae and ask to settle for 7k? The original loan amount is 9k with 7.5% interest. Which now balooned to 28k. I don't have the means to be able to afford 28k.
