How banks respond when a $114,000 student loan is paid full in cash
On graduation day, college grads feel immensely free, but most of those grads see the day as a reminder that the past four years of their lives is equivalent to a lifelong debt – except for Alex Kenjeev, whom paid all of his $114,000 student loans in cash. He thought it would be funny.
After only three years of graduate status, Kenjeev accumulated the $114,000 he needed to pay off his education at the University of Toronto.
Kenjeev said, “It was stressful enough to carry such a big debt load. I thought it would be worth getting a few laughs out of it,” adding, “Neither bank thought it was as funny as I thought it was.”
While Kenjeev might have assumed it to be a simple withdrawal, the Royal Bank of Canada required that an armored truck deliver the $114,000 loans in cash to him. He would have to pay an extra fee for this, but he managed to avoid it by waiting three days.
Kenjeev transported the $114,000 loans in cash over to Scotiabank in a bag, which held his student loan. On the reactions of Scotiabank employees, Kenjeev said, “They also didn’t know how to handle it. At first the manager didn’t want to accept the money.”
He had originally been putting earnings from his job at O’Leary Ventures toward a start-up. According to Business Insider, the $114,000 in loans was the remainder of his actual $190,000 in student loans.
Kenjeev posted a photo of his $114,000 loan receipt paid in cash to his Facebook page, and one of his friends shared it on Reddit, resulting in an endless pool of responses.