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One Way To Pay Back A Student Loan: Do You Accept ... Cash? Cha-Ching!
May 24, 2012
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Imagine getting the chance to pay off a massive debt all in one chunk, and using a bag full of bills to do it. Alex Kenjeev, a 2009 graduate of the University of Toronto's law program, did just that: he owed $114,000 in student loans until a few days ago, when he paid the entire debt - with a duffel bag full of cash. Mr. Kenjeev, who works for Dragons' Den's Kevin O'Leary, says he thought it would be a funny way to pay off the debt and "get a few laughs".

The stunt went viral after he posted a picture of his receipt on Facebook and it ended up getting a lot of attention on Reddit.

Paying the loan in cash ended up taking several days and many bank employees to pull off. The downtown Toronto RBC branch where he withdrew the money took three days to collect and count the cash, and when Mr. Kenjeev delivered the duffel bag to a Scotiabank a couple of blocks away, various staff members had to gather and count the huge number of bills.

Talking to Business Insider magazine, Mr. Kenjeev said "I didn't really realize how much of a hassle I'd cause for everybody". He also mentioned that some people have told him they're offended by his decision to pay his loans in cash - "Some people have taken it pretty offensively. I actually think they have a point. It hadn't really occurred to me".

Here's the receipt he received after paying off his loans (looks like he still owes 30 cents - which he may choose to pay in pennies):


Mr. Kenjeev's employer, Kevin O'Leary, recently told us about his online habits. Check out that video below:

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