I screwed up in the past...do I have a chance?

<p>I went to a college about 3 years ago, I only completed about 26 credits and did not finish my degree. I got laid off from my job and had to pay out of pocket for those classes so I had to withdraw from the school. I did not realize that I was charged for withdrawing from those classes...until now. And now the money is in collections. About $1500.</p>

<p>I am trying to get into a new school and was not aware of this until I tried to request my official transcripts with them. If I get accepted (not sure if I will or not) is there any way do you think the collection agency will let me settle with them for a smaller amount? Also if I do pay the money to them how long does it typically take for them to give the school the OK to release my transcripts?</p>