Yes, you can. This will change the options that appear on the respective drop-down menus on the registration page.
This does not, however, change the education details on all the existing profiles.
Step 1: Go to Course structure on the admin panel.
Step 2: To change the existing structure, simply click on the box for that particular field and edit it.
Step 3: To create additional options for course entries, click Add Row - a new row will be created. You can click and then add data like in the previous step..
Make sure you click Save course structure on the bottom-right corner after you make any changes.