I had a consolidation loan (Sallie Mae) and a new SL since I am back in school (Wachovia) and I was able to consolidate them together into a new consolidation loan prior to July 1, so my rate for all of them is around 4.8% - not too bad. Plus, when SallieMae found out I was planning on consolidating with a different company they sweetened the deal - they will reduce my interest rate by 0.5% after 24 months instead of 36 months of on-time payments, and they are going to give me a 3% cash-back bonus after 12 months (which I will use to pay back the loans...I will try hard not to squander it)!
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