Consolidating your loans at a fixed rate means that if rates go up, yours will stay put. Alternatively, if there is a sharp dip in interest rates, you will still be paying the same fixed rate. So if you think rates will plummet, it might be best to wait things out.
Make sure your loans can be consolidated: consolidation loans are available for most federal loans, including FFELP loans (which include Stafford, PLUS, and SLS loans), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans.
There are also private consolidation options available for private student loans. See Step 3: Consolidate Private Loans.
To better understand the ins and outs of consolidation, see Simple Tuition's Guide to Student Loan Consolidation. (Note: The link will open as a PDF file.)
Note that you might pay more overall when you consolidate because you are extending the life of the loan (even if monthly payments are lower).
Do note, however, that the interest you pay on your student loans is tax deductible.
Evaluate the pros and cons of consolidation with your particular loans in mind.
Calculate what your consolidated rate would be to determine if it's worth consolidating.
You'll also need to decide if consolidating all your loans is a good idea, or if you should just consolidate some of them. Because your rate is determined as an average of your current rates, you may want to keep a higher rate loan out of the equation. Calculate your rate without including some high interest loans to decide if you should consolidate all or some of them.
NOTE: Check FinAid before proceeding, to see what advice it offers to current borrowers.
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