How to defer a college loan?

Can I get out of 20% penelty for defaulting on student loan?

• The day my mother in law died I received a call about deferring my loan. I talked to the person and thought all was set. A year later I get a letter saying my loan is in default. I call nelnet my loan company and they say they sold the loan to college assist. They had my address spelled wrong and I had gotten married so my name changed. I call college assist and they offer me what seems to be a good program. 120$ month for 6 months then it goes back to Nelnet and and I can defer. So I accept over the phone and they take the money out. Now I keep getting calls saying they want me to sign an agreement saying I have to pay them almost 5,000 plus my loan for 22,000. It was in default for less than 2 months plus I didnt get thier letters and they called on a day where I was very upset. Is 20% for 2 months fair? Is there something I can do, like negotiate less? I havent signed anything yet. Thank you SO much for your imput!

• Answer:

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