You can structure the agreement so that the arrearage claim will only be released after your child reaches age 18 and graduates from high school. You will need a lawyer to draft this agreement to protect both of you.
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The simple answer is yes. Parties are free to agree to stipulate as to setting child support at whatever amount they find to be in their child's best interest. The only caveat is that if the Court believes it is not in the child's best interest it could refuse to accept the stipulation.
One option regarding an arrears case could be to agree to set whatever child support amount you want, i.e. $0 or something higher, close the DCSS case, and draft a stipulation and court order where arrears are paid down and future interest is waived so long as a monthly payment is made. Additionally, there could be a clause in the stipulation that if the payor does not timely pay the monthly payment, interest kicks back in and is retroactive to date of stipulation.