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Being sued for past due tuition

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Back in 2005, I started Grad school and took out a student loan. Shortly after school started, I got a very good job and had to quit. I figured the school would turn it over to Sallie Mae or someone, but they left it as a school debt,which accured 6.5% interest. Anyway, they sent me a letter stating that I can pay the balance in full now or within 90 days OR I can make payment arrangments WHICH WILL BE A STIPULATED JUDGEMENT!!

QUESTION(S): Since it was a student loan (but a college debt) my understanding is that it cant be discharged in bankruptcy, correct?

2) A stipulated judgment IS a judgement and WILL show up on my CR even though I agreed to payment arrangements, right?

3) I cant come up with 11k in the next 90 days but other than offer an extremely low settlement of 4k, what suggestions do you have.

I really really dont want a judgement and would rather file BK but I dont think thats an option because I make well above the OK median income.

Thanks again... I love you guys!

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It is my understanding that ONLY government backed student loans cant be discharged through BK.

If its not govt. backed, then you're looking at a contract violation.....its basically like a credit card debt......so check your state's SOL and other statutes on contracts. Make them prove you owe it....it may even be past the SOL.

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