What Happened When Alex Kenjeev Paid His Student Loan in Cash

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What happened when Alex Kenjeev paid his student loan in cashBy Mandi Woodruff

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.

http://imgur.com/UZ19O?tags"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.

We reached out to an RBC spokesperson, who said that while the bank does take precautions for large cash withdrawals, it wouldn't order an armored courier unless a customer asked for specific denominations or had a strict timeline for receiving the funds.

In the end, Kenjeev dodged the fee but had to wait three days before he could pick up the cash. "After so many years of carrying student debt, a few extra days didn't bother me," he said.

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. The idea to post a photo on Facebook came spontaneously, but he still doesn't know who posted it on Reddit.

"I was feeling very good about finally being debt-free," Kenjeev said. "Some people have taken it pretty offensively. I actually think they have a point. It hadn't really occurred to me."

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Thomas Jefferson

May actually be the dumbest Quasi News story in the history of the Internet or Free Press for that matter.

And that's saying something.

Have a great year all

June 30 2012 at 11:57 AM Report abuse rate up rate down Reply
Thomas Jefferson

A couple of things.

One. This story is obviously a plant. And what I mean by that is this. If you notice the gentleman is allegedly a "law student" with Student loan debt which originated from I assume some type of American Law School?

He's a canadien citizen ? Not really sure and wouldn't even bother wasting my time reading the article to find out because the answer is plain to see. He's just some junior associate ( if he exists at all) from some quasi firm purported to represent one of the Bankster firms. The receipt is meaningless because he's basically just giving the bank he works for BACK Their own money which was probably given to him by a senior associate.

If these scumbags tell you that you owe them money and you are an American citizen, tell them very simply cease and desist. You do not have a valid debt to collect.

The promissory notes created by the "Student Loan Process" couldn't even survive a 1L's first year Contracts course scrutiny. You don't owe them any money.

And take the stupid articles like this which are probably promulgated by some moron who's involved in the Libor scandal or the bailout and tell them to shove it where the sun doesn't shine.

Just more "false" press designed by dirtbags who long ago tried to hijack the American dream in a manner very similar to what everyone had feared of good ole Alexander Hamilton if you're up on your Constitutional law history.

Student Loans are invalid and unenforceable contracts which are created under duress. Tell the supposed "authorities" that issued them to pack it away and sue you if they don't like it.

Oh and the fact that they've sought some sort of extra legal method to avoid the treatment of other creditors... 7 year rule on credit reports.... extra legal bankruptcy protections.... only further indicates the insidious nature of these folks.

They sit in college hallways and on academic boards manipulating the "financial Aid" offices all in an effort to steal young students identities to perpetrate nothing short of identity theft and fraud.

You don't owe them the money. And let your Congressman and the Big O know this in no uncertain terms.

June 30 2012 at 11:35 AM Report abuse rate up rate down Reply
1 reply to Thomas Jefferson's comment
Micha

It is nice to see I am not the only one awake. I wish everyone would read Modern Money Mechanics and Two Faces of Debt by the Federal Reserve Bank of Chicago. We are the creditors, sheeple! Wake the f up!

November 13 2012 at 5:38 PM Report abuse rate up rate down Reply
rdavis327

I remember the day I paid my student loan off after 7 years of having the loan sold over and over. I was so mad about the experience, I refused to allow my daughter to get a loan of any kind during college. We struggled to pay her schooling in cash and refused to buy anything that would dip into her fund. It was HARD-very HARD-but we did it. We argued with her over it because she thought we were being difficult. Now she thanks us! The real debt crisis is on the students who are trying to get their education. No student should have 6 figure debt on something that should benefit the world-its ridiculous. Now we have the Thiel Foundation paying students 6 figures not to go to school using this as an example. I see students in Quebec protesting tuition increases over an extended period of time like its the civil right's movement. KUDOS to you for paying it off-it's the best thing you could ever do. You could do a lot with the interest you would have paid the banks and they would probably risk it on some crazy venture capitalist deal. I would care not it it took 2 hours or 2 days for them to count it-you did the right thing.

May 30 2012 at 1:08 PM Report abuse rate up rate down Reply
valerieolafson

who cares if others found it offensive how you decided to YoUr debt! At least you paid it! I would have done the exact same! :-)

May 30 2012 at 9:53 AM Report abuse rate up rate down Reply
EricS

Banks hate it when you clear your debts with them. I just cleared my credit card debt to zero in one shot. Then they offered me a 10K line of credit. lol For the banks to make money, the rest of us have to be in debt to them constantly.

May 29 2012 at 2:32 PM Report abuse +1 rate up rate down Reply
carlysdream

Good for you! Dont even consider feeling bad. Congrats on being debt free, it is such a nice feelling. As far as the bank having to count the cash, well isnt that their job? They actually had to do some work. tsk tsk And making you wait for your own money? Thats a shocker.

May 29 2012 at 2:32 PM Report abuse +2 rate up rate down Reply
howuben

Well done. People aren't used to spending, seeing nor getting cash only those hard plastic cards.
Good for you on getting your loan paid off. I enjoyed your humor. Funny how a bank had you wait for 115K, doesn't seem that huge amount for a bank. Too bad our trust in mankind is gone. Young people will never know how good life once was.

May 29 2012 at 2:17 PM Report abuse +2 rate up rate down Reply
J.P. Craig

In the not to distant future, cash will be virtually obsolete. Right now, think of all the times you buy something and don't use cash.

May 29 2012 at 2:08 PM Report abuse +1 rate up rate down Reply
workingwonders

does this guy need a partner ??? (giggle)

May 29 2012 at 12:05 PM Report abuse +1 rate up rate down Reply
robroy9534

How incompetent have the banks become? Take the payment and process it like any other. I am sure that the value of the safe deposit boxes far exceeded that cash.

May 28 2012 at 9:10 AM Report abuse +1 rate up rate down Reply