Thursday, May 24, 2012
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."
- Above the Law, Dreams Do Come True, You Can Pay Off Your Student Debts in Cash, by Elie Mystal:
I still consider Alex Kenjeev my hero. Slow rolls his debts, makes a bunch on money, then dump bags of cash on the bank to leave him alone. ... My God, that’s so awesome. If I could ever pay back my loans in one sitting, this is how I’d do it. In fact, this is how I thought it would happen. I figured I’d have to play a little dodgeball with my creditors for a couple of years, but then I’d hit it big and earn enough money to make my outstanding debt seem trivial. I’d walk into a bank one day and drop a hundred and fifty thousand dollars on somebody, and bam, I’d be done.
- ABC News, Man Pays Off $114K Student Loan Debt in Cash
- Daily Mail, Law School Grad Pays Off $114,000 Student Loan in CASH... and Brags About It by Posting the Receipt on Facebook
- JD Journal, Law Grad Pays Loan Balance in Cash