You are right, it is poor grammar, but it has unfortunately become more common in usage. The proper expression used to be "too good to be true." The author of the phrase could have been used in your original example without changing the meaning: When you hear about the benefits of federal consolidation, you may think that it is too good to be true.
The rule of thumb is that if something sounds too good to be true, then it is usually a scam or a bad deal of some sort.
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