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$114,000 Student Loan Debt Paid in Cash

2012/05/24 by

Talk about settling a debt. Last week, a University of Toronto law school alum paid off the last of his student loan debt, $114,460,  in CASH. When asked the obvious question- um, why cash? – he responded that the burden of carrying such an enormous debt is stressful, and he wanted to get “a few laughs out of it.” That’s some sense of humor! I cannot imagine the relief he must have felt handing over that cash to the bank, walking out of there, and knowing he was debt-free. But apparently this guy did not have an easy time obtaining the cash, or getting the bank to accept his payment.

Mandi Woodruff of the Business Insider reported,

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 we posted it here.

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.”

To read about Kenjeev’s adventure of withdrawing over $114,000 and plopping down the bag of money at the bank, click here.

Bravo to Kenjeev for his new debt-free status! And minor note to self: when I am ready to plop down nearly $115,000 at one time to pay off my student loan, it might make everybody’s lives easier if I do it via, say, an online electronic payment. 😉

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