I have held off consolidating my student loans the last 3 years (actually further back, but the rates were really low the last 3 or so. And it appears it might go lower still when reset on July 1st.
I’ve heard talk about a new law changing the consolidation rate from fixed to variable, but it wouldn’t effect people who have consolidated before the change (so I would get a fixed rate for the life of the loan of about 4% and change).
I finished school last summer, and consolidated my loans in February, right after my six-month grace period was up. I did it through the U.S. Department of Education since I only had government loans for law school, but I got the rate locked in at what I think is a decent percentage. From what I hear, you can’t go wrong doing it now.