Loan reductions? Scam or real?

[Syringer]

Got this e-mailed from the VAult.com, which is definitely a legitimate site..

notice#1005
priority: URGENT
FEDERAL RATE REDUCTION NOTIFICATION
Under Federal Law, You have the right to receive a FREE rate reduction on your Federal Student Loans. You can cut your student loan payments by 50% or more. This program has NO fees, NO credit checks and NO employment verifications guaranteed.

To learn more, click here now.

Easy 10 Minute Process with E-signature
Interests Rates as low as 3.5%
Reduce monthly payments by up to 54%
Make Only One Payment a month

Here's where the link leads to.

http://www.vault.com/go/to.jsp?place=34027

Anyone with any experience with this?

 

[MrBond]

There ARE legitimate loan consolidation services. If you got randomly emailed that, it's probably a spammer who will make money off of referals. The referal from these debt-consolidators is pretty high I hear.

There are lots of scammers out there who will take your money and never apply it to your loan though, so you have to be careful.

If you have a lot of student loans, check with local lenders to see about getting a loan for the total amount you owe, then pay them all off. If you get a lower interest rate on your new loan, you'll save money over time.

 

[MikeyIs4Dcats]

and be aware that the consolidation laws just changed a few months ago. Also, some federal loan rates are so lo, they are not worth consolidating.