Negotiating with Lender

I have a wife and four kids and I have about $45-55k in provincial and federal student loans. We just finished paying off my wife's loans that had been in collections for about 10 years (it was only about 4k). While we aren't well off, I have to admit that we're probably doing better than many of the people here; we've been able to keep our heads above the water, provide for our children, and work down some of our credit cards. There are months when the fridge is a little bare, but thank the Lord it works out.

The bad part is that we've nearly exhausted all of our interest relief.

I'm in the same boat as many of you in that when they come to collect, I won't be able to make the minimum monthly payments. I think mine will come up to over $700 per month in 9 1/2 years. I've thought about stretching it out over 15 years, but it only knocks off about $100/month from the monthly totals. I'm wondering if any of you have any experience with re-negotiating loans with the lender. I think I might be able to pay about $100-200 per month, but banks aren't known for being merciful.

Thanks for the reply, Mark.

Reccuring thought for me here.

It's amazing how in order for me to live, I need my terms revised over the longest period possible. However, the government earns more money off me over the longest term possible.

I think I'll be done paying off my loans when the last of our four children has grown up and left the house.