Legal Question in Consumer Law in Virginia

Student Loan Nightmare...

I got a student loan in '04 for a tech school and my mom-in-law cosigned for me. I attended 2 days, 1 for orientation and 1 day of actual class. I was ill for the remainder of that week and returned the following week to locked doors. I called the school numerous times and left many messages and there was no answer. A couple days later I recieved a call from admissions, stating that the owner of the schools had closed all of them (20) the same day. Come to find out the schools were all part of a scam and the owner had claimed bakruptcy and the schools were not accredited and the owner was found on some island. We were told that the loans were forgiven and I left it at that. Now, 3 yrs later, I am now being pursued for collection of this loan and that it has been placed in default, which is preventing me from obtaining a home and has prevented me from getting certain employment. When I looked at my credit report, it said the loan was charged off and then on the same page, says it was sold to another company for collection. Is there anything, legally, I can do to contest/resolve this? Is there any legal recourse?

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