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Did You Hear About The Canadian Man Who Paid Off His $114,460 Student Loan Debt With Cash Recently?

Submitted by on May 28, 2012 – 12:50 pm3 Comments

Chances are, you’ve never received a receipt like the one you see above before. Sure, you’ve probably received receipts for the $9.39 you spent at the convenience store, the $20 you spent to top off your tank at the gas station, or even the $144.35 you spent on your last trip to the Cheesecake Factory. But, a receipt for $114,460? Yeah, most people will never get a receipt like that in their lives because, well, most people don’t spend $114,460 in a matter of minutes. But, a Canadian man by the name of Alex Kenjeev did recently and he was so excited to do it that he posted a picture of his receipt on Facebook.

Now, before you get all “What a cocky prick!” on us, there’s something you should know: Kenjeev didn’t spend more than $100K on a car. Or, a house. Or, some new-fangled tech item. Instead, he spent $114,460—in cold, hard cash—to pay off his student loans. That amount represented what he still owed on a student loan that once totaled about $190,000. And, after spending years trying to pay it down, he finally got fed up and decided to do away with it in one transaction that involved $114K stuffed into a canvas bag.

“It was stressful enough to carry such a big debt load,” he explained late last week. “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.”

So, how’d he handle the transaction? Well, he went to the Royal Bank of Canada and told them he wanted to take $114,460 out of his bank account. Then, after they initially told him that he’d have to pay a fee just to get all that amount of money delivered to them in an armored truck, he got them to agree to have the money sent to them within a few days minus any fee on his end. Once it arrived, he went to the bank, withdrew it, put it into a big canvas bag, and walked two blocks to Scotiabank to pay off his student loans. Workers there then had to spend hours counting it by hand before finally handing him his receipt and allowing him to walk out free and clear of student debt.

All in all, not a bad day! And, if you’re like some of us who still struggle to part ways with money every month in order to pay off student debt, it’s nice to imagine that one day we might have the same feeling that Kenjeev does right now. Our final receipt will just be much, much smaller than his was.

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