How about this for a graduation present: cheap money. Those getting college diplomas in coming weeks can take advantage of a rare convergence of factors that will allow them to consolidate loans on extraordinarily favorable terms if they act by July 1. The floating-rate loans they took out while in college can be changed to fixed-rate debts for up to 30 years, at low rates set a year ago. This may be the last time that new grads get a chance like this, if proposed changes in federal law go through. Quotes Steve Van Ess, UW-Madison financial aid director.