I am currently drowning in debt. Is it possible to negotiate a settlement for my student loan amount, instead of facing the possibility of default?

as i know you can take settlement option, but one thing you should know the government will only settle the loans lesser than the full amount of the loan. for the best result on this case, why don't you try to ask about this to the Department of Education? i believe they can help you.

Contact the lender and make the initial settlement offer. Before sending any payments, request that any agreement be mailed to you in writing for you to sign. You may also want to request that the lender cease all attempts to collect on the debt.

Try http://settlementdebt.org

i work for a federal student loan servicer. No you can't do a settlement for student loans. The government does not accept settlements at this time. my advice to you is to start making larger payments and pay the loan off asap.....