Paying Back Student Loan In Default What You Should Know

I will make this simple..

I have a federal loan in default. $2900
I have talked to the collection agency who has the loan and they said I can settle the loan in 3 months by paying $2200 of it. And I will be done with the loan.
So my question is..

Am I able to go back to school even if I settle with them, and pay less?

And if I pay it off by December 20th will I be able to get a federal student loan in January?

Thanks Alot

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