Settlement/Credit Scores & Student Loan Apps

Hey all, I've been debating what to do about my current credit situation. I have a BofA account with around 9K on it, and a Chase account with around 16K. The Chase account is closed and locked into 0% interest, but the BofA account is at 22% APR. I have called BofA and tried to get them to lower my APR, but they won't budge. I can go through debt management, but then I have to pay $35 a month, and it doesn't put me any closer to paying off my balances.

I've explored debt settlement, mainly through your very informative site. I am worried, however, because I am planning to go back to school (MBA program) next year, and will be forced to take out student loans. In order to get student loans (at least private ones), my credit score needs to be OK. It's currently at 737. I'm pretty sure if I go through debt settlement, that score will plummet.

What's the best option here? Has anyone here tried to apply for student loans with bad credit? Is there any possible way to settle debt without trashing your credit?

Any advice is appreciated.

BTW, I am currently employed only part time, and have been unable to find full time work for over a year.