So there has been interest on $60 k for around 17 years? Even at 4% annually, compounding interest would easily bring the total to over $100K and very closet to $117k depending on how often interest compounded. And that is assuming that it was exactly $60k......You've ignored them for close to 17 years? You didn't keep the original documents but agree that you took out $60k? You didn't think that interest accrued on debt? I hope you at least got a college education out of that $60k! And it possible that they might have added some collection fees over the years if that was allowed in the agreement/loan paperwork
Student loans don't disappear -- they can even take your Social Security Payments when you get to retirement age. You really ought to try to start a repayment plan.
4% with annual compounding (but monthly is much more likely and will increase the amount owed as it compounds faster, but just wanted to give you a short chart on simple annual compounding -- monthly puts the simple end to about $118K owed)
$60,000.00 original amount
$62,400.00 end year 1
$64,896.00 end year 2
$67,491.84 end year 3
$70,191.51 end year 4
$72,999.17 end year 5
$75,919.14 end year 6
$78,955.91 end year 7
$82,114.14 end year 8
$85,398.71 end year 9
$88,814.66 end year 10
$92,367.24 end year 11
$96,061.93 end year 12
$99,904.41 end year 13
$103,900.59 end year 14
$108,056.61 end year 15
$112,378.87 end year 16
$116,874.03 endyear 17

