Law Grad Pays Loan Balance in Cash

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It can take decades for law school graduates to pay off their student loans using checks or automatic bank withdrawals. But, for one student, he was able to pay off his entire debt in cash. That is right, Alex Kenjeev, from Montreal, paid off his $114,000 balance from a $190,000 loan to the University of Toronto in cash. He said he did it in order ‘to get a few laughs.’

The bank he uses did not laugh though and turned down his initial request to give him the money. They told him he would have to pay a fee in order to transport the money via an armored truck. The bank eventually gave in and helped him on his way to paying off the balance of the loan. Kenjeev was able to get his cash, put them in a canvas bag, and walk two blocks to the bank that gave him the loan.

  

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“I just plopped the bag down (on the counter),” Kenjeev said. “They also didn’t know how to handle it. At first the manager didn’t want to accept the money.”

Once the bank accepted his payment, Kenjeev took a photo of the receipt and posted it on Facebook. Then, the photo made it to Reddit, which garnered a handful of comments. One of the comments likened Kenjeev to a man from Utah who was fined and charged with disorderly conduct after he paid a medical bill for $25 in pennies. Kenjeev has not been charged with anything yet and he runs the venture capital firm of O’Leary Ventures.