Comment: The government and/or lender

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In reply to comment: It's highly unlikely that (see in situ)

The government and/or lender

The government and/or lender cannot change the interest rate retroactively, unless if it is an adjustable rate loan. Having been through school myself, I know for a fact that the government does not offer these types of loans. I'm not sure about debt that was issued privately (e.g., through Sallie Mae, as you mentioned). If I was you, I would not count on such a scenario happening anytime soon. Also, if you really think this is going to happen, I would buy an ounce of gold or something like it to preserve purchasing power throughout the process.