my private student loan defaulted in march of 2007. i was finishing my last semester of law school. i was sent to a collection agency and the agency says my only option is to pay my loan in full. they said i need to find a new lender to purchase the loan so they can recieve their payment. i am not going to find anyone to give me a loan because i have no collateral and am currently in default of a loan (my private student loan). do i have other options...like a payment plan with the collection agency or will my original guarantor take the loan back with strict payments. is there any form of default rehabilitation for me!!!