Yes, this is a possibility. The government can change the terms of the loan repayments. Changes by the government to the terms are the only fundamental risk/ uncertainty involved with student loans. However, it may not always be a negative change, and public opinion would not look kindly on anything that felt unfair. For example, faced with a spike in inflation, the expected interest rate on student loan debt was projected to hit 12%. However, the government has stepped in and capped interest at 7.3%.