"Even if the loan has been sent to a collection agency , they may be willing to work with you, too. It never hurts to ask!" she says. "Other options might include settling the debt with the collection agency or refinancing with the help of a co-signer depending on how long it's been since you've been in default. [But] with any repayment option given to you, it is imperative that you make future payments on time as you agreed to."