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Meet a 37-year-old with $108,100 in student debt who lives in a school bus because rent is



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 2 months ago '17        #1
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Mr Scaramucci  topics gone triple plat - Number 1 spot x208
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Meet a 37-year-old with $108,100 in student debt who lives in a school bus because rent is
 

 
image

Nick Crocker and his fiancée in front of the 120-square-foot school bus they both live in. Nick Crocker
Nick Crocker, 37, is living in a school bus he built out with his fiancée in Portland, Oregon.
It's largely due to his $108,000 student-debt balance that he cannot afford to pay off.
Crocker said his student debt is his "biggest regret" and wishes he had gone to trade school
Nick Crocker found a solution to spiking rent costs: moving into a school bus. But his $108,100 student-debt balance is continuing to hold him back.

When Crocker, now 37, started his education at the School of Public and Environmental Affairs at Indiana University, he did not anticipate the economic recession he was graduating into in 2008. He was unable to land a job using his bachelor's degree, and right out of college he moved to Pennsylvania and began working two jobs — one at Jimmy John's and one at Olive Garden.

During that time, he was able to keep up with his $540 monthly student-debt payment. When it doubled to $1,089 a month once his graduation-repayment plan ended, the only option available to Crocker that would decrease his monthly payment was to extend the time it would take to pay the balance off. Crocker knew something had to give.

"I was tired of throwing away half of my income on rent and not being able to save a dime in the process," Crocker told Insider. "So I decided to build out a school bus."

image

The inside of Nick Crocker's bus he built out for himself. Nick Crocker
Since October 2018, Crocker and his fiancée have been living in a 120-square-foot school bus he spent $25,000 to renovate. He pays around $550 a month to rent out a backyard parking space in Portland, Oregon.


Even with those extra savings from rent payments, Crocker defaulted on some of his student loans because he was not making sufficient income to afford basic necessities alongside his student-loan bills. He's only continued to make payments on a loan that his father cosigned to ensure his dad wouldn't be impacted by a potential default.

Meanwhile, President Joe Biden is in the process of deciding whether millions of federal student-loan borrowers will get relief. Recent reports suggest he is considering $10,000 in relief for borrowers making under $150,000 a year — an announcement the administration will likely make in July or August, closer to when the pandemic pause on student-loan payments is set to expire after August 31.

With the majority of Crocker's debt being private loans, Biden's relief won't make a significant dent for him and about 3 million other borrowers with private loans. He says he wishes he'd known the high, life-long costs of higher education when he was in high school. It may have prevented him from being in his current situation.

"While college was a great way for me to figure some things out, it was a really expensive way for me to do that," Crocker said. "I wouldn't do that again. I would have gone into the trades. The student-loan debt is by far my biggest regret — it's too much money to let somebody borrow at 18 years old.

'We're not getting out from underneath this'​
The reason the majority of Crocker's student debt is held privately is because when he was applying for federal financial aid in high school, his parents' income was high enough that they only qualified for limited aid. Still, he needed funds because he was responsible for some of the expenses, and private student loans were readily available, so Crocker turned to those — but later found that the high interest rates on private loans make it difficult to touch the original balance borrowed.

"I wasn't chipping my way out of this," Crocker said. "$540 a month was just covering interest, so at some point, we're not getting out from underneath this."

Before Crocker began falling behind on his monthly payments, he said he had a great credit score. After his loan company raised his monthly payment in 2015, his wages at his grocery-store job were garnished, so he picked up carpentry and other jobs on the side to keep up.

Now, as an adventure-van builder making $25 an hour in Portland, he said he knows his current living situation is not sustainable in the long run. He will eventually need to face high rent prices and his six-figure student-debt load.

As Insider previously reported, average rent in the US has increased to $1,722 a month, which is more than 30% of the national median income, accounting for taxes. While mortgage debt is the largest form of consumer debt in the US, student debt follows right behind, currently totaling $1.7 trillion for over 40 million Americans. But while the Education Department oversees federal loans, private student loans can fly under the radar, which is why the department has taken actions to ensure private lenders don't steer students into unaffordable 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, writing in a blog post that "the stakes could not be higher" for students when they figure out how to pay for college.

Crocker said he's "on a savings plan right now" by living in a bus, but wishes he'd gone to a trade school rather than take on student loans for a degree he couldn't use.

"I would love to be able to afford to buy a house, but right now it's not the best market to be buying a house," Crocker said. "So we're living in a 120-square-foot school bus, and while it's been a great way for us to save the money, it's cramped. And we want more than that."
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103 comments
 

 2 months ago '10        #2
6.Yrs 
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That woman should be his wife not his fiancé..

She rode with this dude while he living out of a school bus. Hats off to her. Down a*s bi*ch.
+105   

 2 months ago '04        #3
eazyvaboy  topics gone triple plat - Number 1 spot x14
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This article never says what his bachelor's degree is in. He can't land a job so guarantee it's in some bullsh*t like Sociology.
+37   

 2 months ago '17        #4
tyfireman15 
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Hey them small houses about to be the move for alot of people
+18   

 2 months ago '22        #5
ReedAboutME 
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 6.Yrs said
That woman should be his wife not his fiancé..

She rode with this dude while he living out of a school bus. Hats off to her. Down a*s bi*ch.
I mean you got be a fiancé to get to wife..
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 2 months ago '22        #6
Uncle Joey  topics gone triple plat - Number 1 spot x23
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 ReedAboutME said
I mean you got be a fiancé to get to wife..
Yeah but not for 8 years that becomes a career
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 2 months ago '22        #7
ReedAboutME 
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 Uncle Joey said
Yeah but not for 8 years that becomes a career
it's a process
+19   

 2 months ago '06        #8
imthatinfamous  topics gone triple plat - Number 1 spot x1
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that bus nicer than a lot of people's homes
+51   

 2 months ago '18        #9
BrooklynDamien  topics gone triple plat - Number 1 spot x2
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 imthatinfamous said
that bus nicer than a lot of people's homes
That sh*t is palatial
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 2 months ago '05        #10
hustlehard365 
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 6.Yrs said
That woman should be his wife not his fiancé..

She rode with this dude while he living out of a school bus. Hats off to her. Down a*s bi*ch.
If she becomes his wife she is now responsible for his loans even in death
+16   

 2 months ago '16        #11
Wolfcastle 
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Rent is seriously out of control. What happens when the majority of the population can’t afford to live?
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 2 months ago '05        #12
carden2 
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Feels like society is starting to protect the planet a bit more and starting to find a smaller footprint with all the creature comforts.
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 2 months ago '15        #13
thirssty58  topics gone triple plat - Number 1 spot x1
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Got a ride or die at least refreshing in this era all the thotties trying to get on a boat shes on the bus holding it down


Last edited by thirssty58; 10-04-2022 at 03:25 PM..
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 2 months ago '04        #14
RETURNOFTHEKING 
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This f*g**t is 37 talking about I wish I went to trade school. Go to trade school now, moron

This moron is part of this I can’t afford to pay off my student loans cause I buy all this other sh*t. He bought this school bus and made it look sweet as sh*t inside and pays gas for a fu*king school bus but woes is me I can’t pay back my loans.


Last edited by RETURNOFTHEKING; 10-04-2022 at 09:44 PM..
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 2 months ago '06        #15
Sammyboi22 
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 eazyvaboy said
This article never says what his bachelor's degree is in. He can't land a job so guarantee it's in some bullsh*t like Sociology.
Got my degree in Criminal Justice. Was getting ready to take the LSAT and it was 2009, lawyers getting laid off and making as much as working as a server. Said fu*k that, got into sales and haven’t looked back since. Best decision I ever made. I’m a firm believer that a lot of the problems people are describing about finding “good jobs” are a result of two things.

Living in a small town, and lack of being willing to take a not as good job, but busting your a*s to get you to your next job. I worked in a telesales role for a few years developing my skills and now I’m at my dream job. Wouldn’t be here if I didn’t put in the effort early on and eat sh*t for a year.
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 2 months ago '21        #16
maybehood 
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I heard you could just take a class a year. I’d just do that if I were him. But he sounds all around dumb. Like just go to trade school? Baby back bi*ch a*s

 2 months ago '16        #17
Teknicks 
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 eazyvaboy said
This article never says what his bachelor's degree is in. He can't land a job so guarantee it's in some bullsh*t like Sociology.
Either that or people who are too good for an internship or entry level job.

An entry level professional job pays the same as Starbucks.. because a kid from Starbucks could do the entry level corporate job..

Instead of sucking it up and getting a few years exp. they just keep getting degrees and have too much education and no experience. Now you're virtually unhireable.
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 2 months ago '08        #18
Kewop Decam  topics gone triple plat - Number 1 spot x1
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He should make more of those school buses and sell them. Also I don’t feel sorry for him. Be a man and figure that sh*t out.
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 2 months ago '08        #19
Kewop Decam  topics gone triple plat - Number 1 spot x1
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 RETURNOFTHEKING said
This f*g**t is 37 talking about I wish I went to trade school. Go to trade school now, moron

This moron is part of this I can’t afford to pay off my student loans cause I buy all this other sh*t. He bought this school bus and made it look sweet as sh*t inside and pays gas for a fu*king school bus but woes is me I can pay back my loans.
He wouldn’t survive in trade. He has the ability to make a bus that good looking but won’t make that his profession. He is an idiot.
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Top 10 most propped recently  2 months ago '22        #20
BreakkerSzn  topics gone triple plat - Number 1 spot x32
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Do she got a kid?

She love some Waffle House??

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 2 months ago '20        #21
Born Bad 
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he look 57
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 2 months ago '16        #22
Teknicks 
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 Sammyboi22 said
Got my degree in Criminal Justice. Was getting ready to take the LSAT and it was 2009, lawyers getting laid off and making as much as working as a server. Said fu*k that, got into sales and haven’t looked back since. Best decision I ever made. I’m a firm believer that a lot of the problems people are describing about finding “good jobs” are a result of two things.

Living in a small town, and lack of being willing to take a not as good job, but busting your a*s to get you to your next job. I worked in a telesales role for a few years developing my skills and now I’m at my dream job. Wouldn’t be here if I didn’t put in the effort early on and eat sh*t for a year.
Facts bro. Dream jobs find you. Really hard to find them. In Dec 19 I was laid off.. since then I put in about 450 applications and recieved 6 competitive offers and accepted 2. And every single offer came from jobs that reached out to me first.

Just work and the options will come
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 2 months ago '21        #23
The jinx  topics gone triple plat - Number 1 spot x8
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Oh look another leftist liberal in portland. Probably runs with antifa. I never went to scam college i learned how to make money painting and opened my own business. He should be mad at college charging him so much
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 2 months ago '04        #24
nwking  topics gone triple plat - Number 1 spot x5
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 eazyvaboy said
This article never says what his bachelor's degree is in. He can't land a job so guarantee it's in some bullsh*t like Sociology.
School of Public and Environmental Affairs at Indiana University. I think it's an environmental degree or ethics degree of some kind
+5   

 2 months ago '07        #25
r.burgundy 
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Most of the posters don't even understand what's going on lol
His issue is that his loan doubled and all his payments are essentially only covering the interest on the loan. That should be illegal.
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