By eHow Education Editor 
Student loans, like most bills, come monthly requiring a minimum payment. While most student loans have a fairly low interest rate, the minimum payment may be too high for graduates just starting out. The best way to lower your student loan payments is to consolidate and refinance your loans.

Instructions
Things You'll Need:
Student loan statements 
Internet connection 
Pen 
Computer 
Telephone 
Paper 

Step 1 Make a list of all the lenders you owe, along with amounts and minimum payments. Calculate the current total amount owed.

Step 2 Use the Internet or visit banks to learn about the current interest rates for student loans. Often it is easiest to use your current bank when refinancing, but not always cheaper.

Step 3 Research the various federal loan consolidation programs. 

Step 4 Choose a bank or other lender who will consolidate and refinance your loans. This is a process in which you take out a loan that is large enough to pay off the current loans at a lower interest rate, but with a slightly longer repayment schedule.

Step 5 Sign a new promissory note with your new lender and begin to make lower payments to them.

Tips & Warnings
Make sure the new interest rate is lower than your current loan rates. If not, consolidate the loans with higher rates, and continue to make monthly payments on the loans with lower rates.

Research all new lenders thoroughly, and make sure the interest rate they quote you is not introductory, but lasts throughout the entire loan period.

Continue to make payments on your current loans while in the consolidation process. Until the new lender pays those off, they will continue to accrue interest and affect your credit rating.

Keep your monthly statements in order, and don’t forget to mark them as paid, with the date and amount.

Never give out financial information over the Internet unless the site is secure and you have researched the company through the Better Business Bureau. 

Do not consolidate federal loans with private loans, as federal loans have much better rates and terms.
Resources: www.ehow.com

By Munch, eHow Member 
Most student loans are consolidated after graduation. Consolidating College loans can be confusing. Know the facts about lenders.

Instructions

Step 1

Lenders have their own agenda. The loans they offer may not be the best choice for you. You may have to shop around to find the best deal. Most lenders work with their preferred provider. If you don't like what is being offered to you then go talk to another lender.

Step 2

Get a fixed rate loan. Fixed rates offer security of knowing what your payment will be. There will be no surprises.

Adjustable rate loans may sound good in the beginning but when they adjust, watch out! A fluctuating loan rate is a scary thing.
Always try to go for a fixed rate instead of a changing rate, without a fixed rate your interest will fluxuate up or down, which ultimately is a big gamble. With a fixed rate you can calculate your loan rate instead of being subjected to changing rates.

Step 3

Don't consolidate your college loan if you it is almost paid off or if you owe very little on it. You will most likely end up paying more interest so stick with the loan you have.

Tips & Warnings
Read all loan documentation before signing, take your time!

By sagelily, eHow Member 
Student Loan Consolidation Rates

Getting student loan consolidation rates takes a little research. Student loan consolidation rates can be easily found on the internet. You can calculate an estimate of your student loan consolidation rate. A student loan consolidation will allow a student to combine all of his or her student loans into one consolidated student loan. Student loan consolidation rates are available for most all types of federal student loans. Consolidating private student loans can also be done.

Instructions
Things You'll Need:
Student loan consolidation rates 
Student loan debt amounts 
Calculator 

Step 
1 Record Student Loan Debt and Student Loan Rate
Gather information on all of your student loan debt. Find the student loan rate for each of your student loan debts. Write down the total student loan debt amount and student loan rate.
Step 

2 Calculate Student Loan Consolidation Rates
Next calculate the weighted average of the student loan debt interest rates on the student loans you will consolidated into one student loan debt. Multiply each student loan debt amount by its student loan rate. Add the totals together. Divide this number by your total student loan debt amount. Round this number up to the nearest 1/8 of a percent. This will be your estimate of your student loan consolidation rate.
Step 
3 Best Student Loan Consolidation Payment
Best student loan consolidation can reduce your monthly payments and help you lock in one low interest rate until you pay off you loan. Best student loan consolidations do not have loan fees or early payment penalties.
Step 
4 Student Loan Debt Information
Check the resources below for current student loan consolidation interest rates information.