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The school I'll be attending in the fall recommends that I take out loans before June 15th but the interest rates on federal loans is lowered after July 1st. Should I just wait until July before taking them out? Could there be any consequences to taking it out that late?

I don't think most schools typically disburse the loans until August, though, no? For instance, on my school's financial aid site, I already accepted part of the loan package and I remember reading that they said loans would be disbursed in August when the semester was going to begin. So, I'm thinking even if you just accept the loan package now (which is what I think you're talking about), the loans won't actually be disbursed until after July when the new rates are in effect. I don't think there will be any consequences to waiting until July 1 to accept your loan package, that will will still leave enough time to get your loans disbursed by the time you start school in August. I would check with your school's financial aid office though.