I'm just wondering if anyone has done this before.

I consolidated my RBC student loan back in 2007 when the interest was very high, at that time my interest rate was like 8%.  Back then, I didn't have a good job, so I selected the 14 years term.    Since then, the interest rate has been lowered to 5.5%, but my payment amount stayed the same every month, which is fine, I have no issues paying the amount.

Recently, I did a calculation, realized that with the amount I have left and the amount I’m paying, I will be finishing paying off the loan within 5 years, which is about 10 years.  I will have some large expense coming up, I was thinking lower the monthly payment due to the lower interest rate.  When I called them, they said regardless the interest rate, my term is 14 years, and my amount can’t be lowered, because they have to extend the term longer than 14 years?   

I’m not a financial expert, but if the rate is lower and I’m staying with the same term, would that means my monthly payment can be lowered?

I haven’t made up my mind that I would go through this even there is an option, but without checking the option, they just out right said no. 

Anyone done something like this before or am I missing something?

Thank you.