Make a list of all the lenders you owe, along with amounts and minimum payments. Calculate the current total amount owed.
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.
Research the various federal loan consolidation programs.
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.
Sign a new promissory note with your new lender and begin to make lower payments to them.