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I believe that once you consolidate your student loans, the interest rate is fixed. If you have variable-rate loans, now might be a good time to consolidate and lock in a low rate.
In the U.S., you can't take the interest from your loans as a tax deduction if you make more than a certain amount.
Rudey has a good point. If you have extra money lying around, there are better things you can do with it than paying down your (relatively low interest) student loans. Pay down your credit card debt if you have any, or invest it.
Don't miss any of your student loan payments... some lenders (Sallie Mae?) will lower your interest rate if you have a perfect payment history for a few years.
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