Former Student Pays off $114,000 Student Loan Debt in Cash

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RoadFish.com men’s lifestyle and finance magazine today commended law school graduate Alex Kenjeev for paying off his hefty student loan debt in one lump sum, but advised readers to make electronic debt payments to avoid the hassle of using cash

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We all hear so many downer stories about people buried in student loan debt, with endless payments and the feeling that they’ll never be debt-free, so it’s really nice to hear a success story like this.

RoadFish.com men’s lifestyle and finance magazine today applauded Alex Kenjeev, the 2009 law school graduate from the University of Toronto, who last week paid off his remaining $114,460 in student loan debt in one lump sum. Attention was drawn to the incident when a photo was posted on Reddit of the receipt from the transaction, showing that $114,460 had been paid in cash to the bank to settle the debt. RoadFish.com congratulated the grad, who is newly debt-free (and must have one good-looking credit score with his incredibly timely payment,) but advised other borrowers to stick to electronic payments next time.

Last week, Mandi Woodruff of the Business Insider reported that a photo had been posted on Reddit, an online social news website, of the receipt from a transaction wherein $114,460 had been paid to a Toronto bank in cash to settle a student loan debt. The friend of the borrower had uploaded the photo of the receipt with the tagline, “Someone I know just paid off their student loan, in full…in cash.” Woodruff stated that people were dying to discover the identity of the alum who had paid off his loan in such an unusual way.

This week, Woodruff reported that the mystery man revealed himself to be Alex Kenjeev. Kenjeev is a 2009 law school grad from the University of Toronto who had originally taken out $190,000 in student loans during school. When asked about his choice of payment methods, Kenjeev replied, “It was stressful enough to carry such a big debt load. I thought it would be worth getting a few laughs out of it. Neither bank thought it was as funny as I thought it was.”

RoadFish.com commended the law school grad for his diligence in paying off the debt. RoadFish.com’s Senior staff writer is quoted as saying, “I cannot imagine how good he feels right now! Walking out of that bank, debt-free, must have been an amazing moment. That was very well done on his part, saving all that money and having the willpower to hand it over to the bank. We all hear so many downer stories about people buried in student loan debt, with endless payments and the feeling that they’ll never be debt-free, so it’s really nice to hear a success story like this.”

The Business Insider article goes on to report that it wasn’t easy for Kenjeev to first obtain the money, and second to convince the lender bank to accept it. He planned on making the withdrawal from the Royal Bank of Canada, and was initially denied the transaction. Then, he was told that he could make the withdrawal, so long as he paid a transport fee to have the cash delivered via armored truck. At the end of the day, Kenjeev was able to make the withdrawal, but had to wait a few days before he was able to pick up the money, fee-free. His next stop was two blocks away, Scotiabank, the lenders of his loan. Kenjeev is quoted as saying, "I just plopped the bag down (on the counter). They also didn't know how to handle it. At first the manager didn't want to accept the money." Eventually, the money was accepted and Kenjeev was able to leave the bank completely debt-free.

While RoadFish.com applauded the alum, the men’s lifestyle and finance magazine encouraged readers to stick with other methods of payment in the future when chipping away at debt. RoadFish.com’s Senior staff writer is quoted as saying, “This guy had guts! I think it’s great. But in the future, I think that it’s wisest to stick with, you know, methods like electronic payments, checks, credit card transactions, things like that. I still totally admire this guy for scraping together so much dough and paying his loan off all at once. That’s just super commendable.”

In the above-mentioned Business Insider article, Kenjeev is quoted saying, "I was pretty naïve. 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. I was feeling very good about finally being debt-free. Some people have taken it pretty offensively. I actually think they have a point. It hadn't really occurred to me."

About RoadFish.com

RoadFish.com is an online men's lifestyle and finance magazine targeted toward men in their 30's and 40's that have already attained a moderate level of success in life, and are striving toward more. It goes over current events of interest to this group, such things as exciting adventures, consumer interests, and US wages, as well as ways to make more and save more money. It is a publication owned by Purpose Inc.

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David Klein
Purpose Inc.
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