Student loan, Default, collections and fees

[uniblonder]

I have a student loan that is approximately 24K. It has been in collections for years. I now am in the position to pay it off in full, but there are an additional 16K in "fees" and "interest" (approx 8K each). Can I negotiate this amount down? And am I able to do this on my own or must I hire a professional (lawyer or otherwise) to do this...or will they deal with me? Do I just call them and offer a settlement? I guess I should add that this originally was a Sallie Mae loan.

 

[calalily]

You won't know until you try. Sometimes if paid in full, in cash, they will accept a settlement but get that in writing. If they won't settle then consider a lawyer consultation. Are you going to deal directly with Sallie Mae or the collection agency? Either way get the agreement in writing.

 

[uniblonder]

You won't know until you try. Sometimes if paid in full, in cash, they will accept a settlement but get that in writing. If they won't settle then consider a lawyer consultation. Are you going to deal directly with Sallie Mae or the collection agency? Either way get the agreement in writing.

It's a collection agency. I'm going to call on Monday. Wish me luck! Any words of wisdom?