I recently graduated from grad school and called Sallie Mae to get some preliminary information on consolidating. The representative told me that they are not currently processing consolidation loans because of the annual July 1st interest rate change. The call took place in early June. She said that they should start processing them again in August. I know student loan rates fluctuate at that time of year but I didn't think they would impact a consolidation loan. Anyhow, I just thought I'd share in case something similar is coming into play for you as well.