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