<p>Arutha–you cannot rework the INTEREST RATE of a loan unless you take multiple PLUS loans and consolidate them into one, which gives you more or less an average rate. But, you can–depending on the lender–change the length of the loan, making it longer or shorter. FYI, shorter is probably not a good idea. You’re much better off, as has been discussed in other threads, to make extra payments by check–even if you pay online–and designate that extra check to be ‘for principal only’. This gives you extra breathing room if financial circumstances change for the worse.</p>