Meet a 37-year-old with $108,100 in student debt who lives in a school bus because rent is unaffordable: 'Student-loan debt is by far my biggest regret'

Moving into a school bus is a solution to spiking rents. His student debt is still holding him back.

Crocker didn't anticipate the economic downturn he was graduating into in 2008 when he began his education at the School of Public and Environmental Affairs at Indiana University. After graduating from college, he moved to Pennsylvania and started working at Jimmy John's and Olive Garden, even though he couldn't get a job using his degree.

He was able to pay his student debt on time. When Crocker's graduation-repayment plan ended, the only thing he could do was to extend the time it would take to pay off his debt. Crocker was aware that something had to be done.

Crocker told Insider that he was tired of throwing away half of his income on rent and not being able to save money. I built a school bus.

Nick Crocker

Crocker and his fiancée have lived in a school bus since October of last year. He pays a lot of money for a parking space in Portland. Crocker had to default on some of his student loans because he wasn't making enough money to cover basic necessities with his student loans. His father cosigned a loan with him to make sure he wouldn't be affected by a default.

President Joe Biden is making a decision on whether millions of federal student loan borrowers will get relief. The administration will likely make an announcement in July or August about $10,000 in relief for borrowers who make under $150,000 a year, according to recent reports.

Biden's relief won't make much of a difference for Crocker and other borrowers with private loans. He wishes he had been aware of the high costs of higher education when he was a student. He might have been prevented from being in his current situation.

Crocker said that college was a good way for him to figure out some things, but it was expensive. I won't do that again. I would have traded. The student-loan debt is too much money to allow someone to borrow at 18 years old.

'We're not getting out from underneath this'

Crocker's parents' income was high enough that they only qualified for limited aid when Crocker applied for federal financial aid in high school. Crocker used private student loans because he was responsible for some of the expenses, but later found that the high interest rates on private loans made it hard to touch the original balance borrowed.

Crocker said that he was not chipping his way out of the situation.

Crocker had a great credit score before he fell behind on his payments. After his loan company raised his monthly payment, he picked up carpentry and other jobs to make ends meet.

He knows that his current living situation is not sustainable in the long run, as an adventure-van builder in Portland. He's going to have to face high rent and student debt in the future.

According to Insider, the average rent in the US is more than 30% of the national median income and accounts for taxes. Student debt is the second largest form of consumer debt in the US, with over 40 million Americans carrying it. Private student loans can fly under the radar, which is why the department has taken actions to make sure they don't steer students into debt.

The Federal Student Aid office in March detailed requirements for colleges to better inform students about the risks of private student-loan options that can carry costly fees.

Crocker said he's on a savings plan, but wishes he'd gone to a trade school instead of taking on student loans.

Crocker said that it's not the best time to buy a house. We're living in a 120 square foot school bus and it's cramped, but it's been a great way to save money. We would like more than that.