Crazy Student Loan interest rates

My wife graduated school in April, and will have about 50,000 in debt. I'm still in school and will graduate debt free. We just got a statement from the bank saying that her loans have been accruing interest since her freshman year (she transferred schools). The interest rate is 12%, and has been accruing since and will keep on coming. What would be the best option for us? Is there at least a way to get that percentage down??