New Federal Consolidation Loan interest rates have increased

From http://www.federalconsolidation.org/

Notice: New Federal Consolidation Loan interest rates have increased. Today's rate: 4.750%.

"What if I didn't apply before July 1, 2005"?

Answer: If you apply on or after July 1, 2005 the weighted average interest rate on your consolidation loan will be calculated using the higher interest rate (currently 4.750%*). Federal regulations set when this higher rate goes into effect. You may still choose to consolidate at this higher rate, however you should weight the pros and cons carefully before deciding whether to consolidate.

* This is the consolidation interest rate on Federal Stafford Loans originally borrowed after 1998 and consolidated while in school or grace.