Let's say I owe a private student loan of $50,000, and it's already been discharged to a 3rd party for collections. Monthly payments would be several hundred dollars, which is something I cannot reasonably afford, nor am I willing to have that much cut out of my paycheck for the next 10 years, considering the amount that I'm making. At this point, I could attempt to resume payment and struggle through with it, but if I were to lose my job, I would once again become unable to pay.
I've been offered by the debt collector figures in the $20-25,000 range to settle, and figures of $2-300 in monthly payments. Should I try to pay (keeping in mind that if I were to lose my job and miss a payment, there would likely be severe ramifications for this agreement), or should I stall, wait for them to take me to court, then settle in person? I won't have this kind of money for a few years, but once I do, I'm more than willing to pay it off.