34 CFR §30.27

1. (a)If a debtor wants an opportunity to enter into a written agreement to repay a debt on terms acceptable to the Secretary, the debtor must:
   1. (1)File a request to enter into such agreement within 20 days after the date of the notice provided under § 30.22; and
   2. (2)File the request at the address specified in the notice.
2. (b)A request filed under paragraph (a) of this section must contain all information provided to the debtor in the notice under § 30.22 or § 30.33(b) that identifies the debtor and the debt, including the debtor's Social Security number and the program under which the debt arose, together with any corrections of that identifying information.
3. (c)If the Secretary receives a request filed in accordance with this section, the Secretary may enter into a written agreement requiring repayment in accordance with 4 CFR 102.11, instead of offsetting the debt.
4. (d)In deciding whether to enter into the agreement, the Secretary may consider:
   1. (1)The Government's interest in collecting the debt; and
   2. (2)Fairness to the debtor.
5. (e)
   1. (1)A debtor that enters into a repayment agreement with the Secretary under this section waives any right to further review by the Secretary of the issues relating to the original debt identified in the notice under § 30.22(b)(3)(ii) or § 30.33(b)(3)(ii).
   2. (2)If a debtor breaches a repayment agreement, the Secretary may offset, or, under § 30.30, refer to another agency for offset:
      1. (i)The amount owing under the agreement; or
      2. (ii)The entire original debt, to the extent not repaid.