<prompt> Human: Hello everyone! I defaulted on my private student loan through Navient formerly Sallie Mae after they refused to work with me to lower my payments or offer a forbearance during a period of time I was unemployed and it is now placed in collections through some weird Law Firm Weltman, Weinberg Reis Co collections agency a year and a half later for the amount of 26,000. The letter stated they were through with collections efforts and invite me to settle this matter.After talking to a woman who seemed decent enough, she offered to have this settled for around 13k I recorded the conversation also. She said I can either pay the entire amount which I dont have at all or place a down payment of 2k, and make payments up to 48 months and then proceeded to pressure to pay anything I could that night which I didnt. While settling it for 13k sounds great, Im obviously a little weary and need advice on how to approach this since I have read horror stories of others who agreed on a settlement repayment plan and have had the balance returned in full after payments have been made. So with that noted I have not yet agreed or have requested validation of the debt. Im going to list some things that I have questions about to make it easier:1.Should I request a validation of debt letter to buy some time in regards to deciding to settle the debt? Ive read there are procons to this. While I am certain it is my debt, Im a little confused because a the balance remains on my Navient profile online b it is not appearing on my credit report as in collections. It is under a section called account review inquiries and then has their name listed. Does anyone know what this means exactly? I looked it up, and it appears to be some kind of review of my credit report on their behalf. Is this legal?2.I was told I cant release the co-signer after agreeing to settle. She said that with Navient hed have to agree to pay 30 of the original balance in order to be released. My question is why would it matter what Navients policies are if this is a collection agency? Doesnt that mean Navient sold the debt to them? So why would it apply at this point.Should I consult with an attorney for advice on a settlement agreement so I dont get screwed over in the long run and I am protected in writing? Or Should I seek bankruptcy my credit is awful rating 420s, mostly due to identity theft a couple years back but after somewhat restoring it myself it has plummeted due to unemployment 1 year ago. I have about 4-5k in debt in credit cards and other collections not due to fall off the report until 2023, also getting collection callsletters from these places; a fresh start doesnt seem like a bad idea! Im in my late 20s.3.How would bankruptcy affect my co-signer? He is on social security benefits and is now living another country. From what Ive read, a loan can be solely transferred to a co-signer after the other borrower files bankruptcy, however from my understanding private loans are not protected federally therefore potentially being released on bankruptcy andor unable to garnish social security wages. Im not sure whether or not him living outside the country is beneficial or not but crossing my fingers it is as I feel totally awful for putting him this position in the first place.Also, how would bankruptcy affect my federal loans? I know they are nearly impossible to discharge, the majority of my college loans are federal about 80k: I received an MA also they are for the most part in good standing, but I missed a couple payments recently and it hit my credit report further damaging it. Will those bad remarks be erased in bankruptcy ch.7? Which is my main concern, because if I do bankruptcy I want a good start! Im currently on forbearance until the summer and then I will be choosing an income-based repayment plan which is an entire other conversation in itself, but one stepping stone at a time!. I dont intend to have those loans discharged I wish but just wondering if it would cause further issues if I did do a bankruptcy and if negative remarksreporting would be removed. Is there anyone who hasor is currently dealing with this? I know there is but is anyone willing to talk about their stories on how they approached, succeeded or are just flat out worried like me! Ive been feeling extremely stressed out about all of this and seeking some support.Sorry for the long post, but hopefully I can seek some relief!Also if it helps: Im 27, make less than 20k a year, dont own property besides a car thats worth about 7k that I paid in full for.  <response>: I went through this about 2 years ago, in 2009 I defaulted on a private loan cause the economy sucked and I was too young and stupid to answer the phone. I settled 60k in loans for 17k, and I had to ask my family for the money.A general rule is that you cant get rid of the student loan unless you die, or become seriously disabled. There is no discharging any student loan through bankruptcy, especially a private student loan. I cant really speak for your other debts, but I can give you my experience with this situation.The only time you can consider yourself in considerable deep shit with this loan is when someone knocks on your door and hands you a court order it has to be done in person, which youll have to reply to within 30ish days. Until then, youre still safe, but i recommend settling before it gets to that point took them several years til it got to this point. You already have them at 50, you can continue to negotiate it down a bit. Also, this is a long shot, but check the statute of limitations in your state, it starts at the last date you paid the loan feel free to correct me if Im wrong. Hiring a lawyer is a great idea, I hired a lawyer for 250. Collection law firms love to talk to real lawyers and your lawyer will bypass the collection lady that answers the phone and talk to the more laid back collection lawyer in the back. Your lawyer will then vouch for your inability to pay and continue to negotiate on your behalf. The lawyer will then come back to you with hopefully a couple thousand shaved off on the settlement. My lawyer saved me 3,000. If you have the money to settle, give it to your lawyer and they will send it off for a small fee. For me, investing in a lawyer saved me tons of money, relieved a lot of stress and phone calls. Just paying someone 250 to make all the phone calls and do the talking was worth it. I used a small local law firm that was near my house, I just walked in and told them my situation.Also, discharged debt is considered taxable income, and youll have to deal with this if the collection company sends you a tax form. If you get a lawyer, ask them about it.Hope this helps. 