Law Grad Pays Off Six-Digit Student Loan… with Cash
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UPDATED: Jun 6, 2012
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A University of Toronto law school graduate paid off his $114,000 student loan balance in one massive payment.
Alex Kenjeev, who works for O’Leary Ventures, owned by Kevin O’Leary, the famous venture capitalist and creator of the hit television show, “Shark Tank,” made digital ripples across the internet last week when someone posted a picture of his final student loan payment receipt.
The receipt, which gained notoriety after showing up on the social community website Reddit, revealed that Kenjeev forked over $114, 460.30 to satisfy his outstanding debt.
“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 told Business Insider.
His idea of getting a few laughs out of his plight was by paying his student loan off entirely in cash. But when he walked into the Royal Bank of Canada (RBC) to withdraw his cash, the management was less than pleased by his request.
“Neither bank thought it was as funny as I thought it was,” he said.
RBC said they would only permit Kenjeev to withdraw the enormous sum if he agreed pay for a transport fee required to have it delivered by armored truck. While Kenjeev avoided the fee, he had to wait three days before he could withdraw the cash and have it delivered to Scotiabank, the bank holding his student loan.
“After so many years of carrying student debt, a few extra days didn’t bother me,” he said.
When the money arrived at Scotiabank, Kenjeev strolled through the doors with an enormous canvas bag containing his money.
“I just plopped the bag down,” he said. “They didn’t know how to handle it. At first the manager didn’t want to accept the money.”
But Kenjeev waited patiently, and allowed the bank to make calls to higher-up managers and decision makers. Ultimately he sat there and waited as tellers hand counted his money.
Nearly three hours later, Kenjeev shook hands with the bank’s manager, smiled, and walked out of the doors completely free of his student loan debt. He uploaded his receipt to Facebook, and the online community quickly made the picture go viral.