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Grad pays off $114G student loan with bag of cash

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#1 Hum

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Posted 24 May 2012 - 00:23

Last week, a Reddit user posted a photo of a $114,000 student loan bill-paid in cash-that elicited thousands of comments and dozens more when it was posted by Business Insider.

Since then, the anonymous alum has stepped forward as Alex Kenjeev, a 2009 law school graduate of the University of Toronto.

Kenjeev, who works for venture capitalist firm O'Leary Ventures, told Business Insider the $114,000 payment was the last chunk left of $190,000 in loans he took out during school. He'd spent years dragging out his payments while pouring most of his income into a start-up. As for why he paid in cash, Kenjeev said he wasn't proving some point about the dangers of credit cards or trying to show off. He just thought it'd be really funny.

"It was stressful enough to carry such a big debt load. I thought it would be worth getting a few laughs out of it," he said. "Neither bank thought it was as funny as I thought it was."

In fact, when Kenjeev showed up at the Royal Bank of Canada to withdraw the cash, the management initially refused him. Then they told him he'd have to pay a transport fee to have it delivered by armored truck.

With the money stuffed into a canvas bag, he walked the two blocks over to Scotiabank, where his student loan was held. "I just plopped the bag down (on the counter)," he said. "They also didn't know how to handle it. At first the manager didn't want to accept the money."

While Kenjeev waited, calls to higher-ups were made, his RBC withdrawal slip was reviewed, and tellers went to work counting the bills by hand.

"I was pretty naive," Kenjeev admitted. "I didn't really realize how much of a hassle I'd cause for everybody. You just look at things and you figure cash is simpler than anything else."

When all was said and done, he shook hands with the bank manager and walked out two-and-a-half hours later-completely debt-free.

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#2 Azies

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Posted 24 May 2012 - 00:25

Damn good move, now that's the way to pay off debt. Does it state anywhere how he actually got that much money all together?

#3 OP Hum

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Posted 24 May 2012 - 00:42

^ He apparently made money from his start-up business.

#4 ambiance

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Posted 24 May 2012 - 01:40

Only an ******* would want to draw that much attention to themselves. Making it as difficult as possible is just a bonus.

#5 jmc15john

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Posted 24 May 2012 - 01:46

Epin win. Although it would have been an epic fail if he didn't get a job and had over 100G of loans.

#6 +SharpGreen

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Posted 24 May 2012 - 01:53

It doesn't really matter how "inconvenient" it is. It's their job (the folks at the bank where his loan was) to take his money and do what he asked with it.

#7 mokthraka

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Posted 24 May 2012 - 02:14

Epin win. Although it would have been an epic fail if he didn't get a job and had over 100G of loans.

its 2012. there are a lot of new lawyers that have trouble finding a job.

#8 mudslag

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Posted 24 May 2012 - 02:55

In the words of South Park, the Simpsons did Rddit posted it first, a week ago

:D

#9 Simon-

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Posted 24 May 2012 - 03:24

And he still got slugged a 30 cent payment fee, never mind all the interest the bank has earned on the loan.

#10 Matt B

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Posted 24 May 2012 - 03:35

Gotta love a bank struggling to deal with cash

#11 Phantom Spaceman

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Posted 24 May 2012 - 03:38



#12 Xtreme2damax

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Posted 24 May 2012 - 03:38

Pays of loan like a baws.

Wish I could do the same.

#13 Titoist

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Posted 24 May 2012 - 03:44

WOW! Good for him.

Now here is a question for him. WTF did you do to owe over $100G????

The only way he could owe that much is if he didn't even bother with a student job during his schooling. I am also amazed that a bank would loan him that much. I had a 1-month struggle to get a $5000 student loan and I had perfect credit!

If people say "he started up his own business".... that sir/maam, is NOT a student loan. That is a business loan and the government gives $15,000-$50,000 grant for people starting a business.

#14 Rudy

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Posted 24 May 2012 - 04:00

http://youtu.be/k2xcafxhwXI

Pretty funny video....can't believe I watched the whole thing. I'm pretty sure in Canada after a certain amount they're allowed to require the coins to be rolled

#15 mokthraka

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Posted 24 May 2012 - 04:10

Pretty funny video....can't believe I watched the whole thing. I'm pretty sure in Canada after a certain amount they're allowed to require the coins to be rolled

they can tell you to **** off here.