know how to remove iron on lettering?

[oshun99]

i found this great bag at the thrift store that a want to turn into my crafts bag, but it got meriil lynch written on the front.
I assume it's iron-on, so does anyone know how i can remove this? Maybe some sort of solvent?....

i could just cover it, but that would require my applique to be much bigger than i wanted.
Help, please!