Usually there's a 6 month grace period before you have to begin repaying your federal student loans, and usually you'll get a discount if you consolidate student loans within this time period. Often time this consolidation discount can give you from .5% to 1.0% off your rate, which is a great deal.
You can also say money when you consolidate student loans by enrolling in a "direct debit" payment system. Basically, the money is taken out of your checking account through means of EFT transfers rather than you writing a check every month. There's evidence which supports that people who pay with EFT are much more likely to pay than those who just use checks.
With a lot of refinancing companies, you can get some money back after you make your payments on time for a certain period after you consolidate student loans. In my fiancé's case, she was able to get 3% of her loan balance back after paying 9 payments on time through College Loan Corporation.
With consolidation loans, you get to make one easier payment rather than writing checks to multiple banks, which makes student loans a lot easier to manage. Usually the application processes aren't too bad either, but saving on the interest rate is main reason to consolidate your student loans.
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