Last week a Canadian man paid off the remaining balance on his student loan, a total of $114,000 ─ in cash. At the time the story circulated on social media, the man's identity was not known, but this week he has been identified.
Initially, the story garnered a lot of attention after a Reddit user posted an image of the receipt with the caption, "Someone I know just paid off their student loan, in full...in cash WTF." The image shows the large balance as being paid by cash in full, and the post has generated over 2,700 comments.
The man has now been identified as Alex Kenjeev, reports Business Insider. Kenjeev is a 2009 graduate of the University of Toronto's law school. He'd originally taken out $190,000 in loans and had a balance of $114,000 left.
Why did he pay in cash?
He thought it would be funny to pay off his loan in cash. However, Royal Bank of Canada, where he had his savings, and Scotiabank, the bank holding the student loan, did not share his sense of humor.
"It was stressful enough to carry such a big debt load. I thought it would be worth getting a few laughs out of it," Kenjeev said. "Neither bank thought it was as funny as I thought it was."
In fact, neither bank seemed equipped to handle this amount of cash. It took him three days to get the cash from RBC, and then when he brought the canvas bag full of bills to Scotiabank, they initially didn't want to accept the cash.
Eventually managers straightened it out after a couple of hours and Kenjeev was given his receipt. He posted it on Facebook, but he has no idea who posted the image on Reddit.