Pay it back before it gets moved to a private collection agency. If you think you are in a mess now, you are really just in a drizzle. Private collection agencies will tack on fees and you will be in a tsunami.
Time is of the essence - work something out with the college, you do not want this going to collections. Private collection agencies will call you constantly, garner wages, tax refunds, social security checks and you may never be able to reduce the principal because of outrageous fees.