There is a belt tensioner (Drive pulley) on top of the serpentine belt, That is the only thing holding the belt tight.
Use a wrench or vice grips or socket to hold the pully bolt and lift up, (CAUTION) the pully is spring loaded and if not careful will cause injury if fingers are anywhere near it if it slips out of your grip.
Just raise the pully up and the belt will come loose, after you get the belt off, you just slip the new belt on the same way you took off the old one.
(NOTE) once the belt is on release the pully so that the belt is tight but make sure that the belt is on the ac pully, the power steering pully then the fan pully then the drive (crank shaft) pully then the alt pully and that is all.
good luck.
also you can click here for the diagram of the serpentine belt diagram.
http://www.fixya.com/cars/t1940043-digram_serpitine_belt_1992_oldsmobile
The diagram is for an 1992 Oldsmobile but that is the same as the 1994 Ford e-150
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