The BurkeyLoan, developed by financial company Burkey Capital, is expected to hit the market this fall with a seductive and unique sales pitch: to help college grads become homeowners by rolling their student debt into a 30-year fixed mortgage.
OK, not YOUR loan:
The target borrower will be the crème de la crème of college grads (think doctors or lawyers instead of store managers). They'll be in the top 20% or so of earning households, have stellar credit, and have at least three to four years of work experience where they raked in at least $150,000 a year, according to the company.
They'll also need to work in fields, such as medicine, where if they lost their jobs, they could easily find another.
Ahahahahahahahaaaaaaaaa. With that qualification you'll need to be a Supreme Court clerk.
Not to be outdone by Burkey loans, the gummint will start to make Turkey Loans™ to 145-LSAT types who seen loyers on TV and want to matriculate at the local toilet 'cause they good at arguing. Granted, these TLs will be non-dischargeable and haunt you like a ghost for 25 years, but try explaining the distinction to a water head who will never pass the bar, anyway.