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If they have found you, try to work out a payment plan. They get paid a % of what they extract out of you. make sure any program that you agree to will totally wipe out this debt on a going forward basis. For instance, don't agree to pay $1,000 without a full discharge because you will have another agency coming after you for the remainder later on.

Hope you don't plan to buy a house or other big ticket item in the next five years because your credit report will suck. You will still get a loan but at a rate much higher than people with good credit receive.

Your college may even be able to help. Check with student affairs and see what they offer.

Whatever you do, don't ignore it becuase it will not go away.