May 28 - Toronto man pays off $100,000+ student loan in cash

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 05-28-2012, 07:02 PM         #1
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2nafish 
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May 28 - Toronto man pays off $100,000+ student loan in cash
 

 

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 Toronto man pays off $114,460 student loan – in cash - The Globe and Mail

Alex Kenjeev fulfilled the dream of every indebted student – with a grocery bag of cash.

The Toronto-based president of O’Leary Ventures recently sold his start-up for a profit, and realized he finally had the money to pay off his student loan in one fell swoop. But he wanted to make the moment mean something, so he went to his bank and asked for $114,460 in cash.

According to ABC News, the bank hesitated at first, saying he would have to pay for an armoured truck to carry that much cash. But the next day, according to the story, they counted out the money in a windowless room. “I put it into a grocery bag and walked a couple blocks to the other bank,” Mr. Kenjeev told ABC. “I tried to play it cool.”

His story went viral after he posted the receipt of his payment on his Facebook page, and shared the tale of how he erased the loan that had helped pay for an undergraduate degree at McGill University, as well as law school and an MBA acquired at the University of Toronto. He now works for Kevin O’Leary (a.k.a the Dragon in Dragon’s Den, a reality-TV show in which entrepreneurs pitch their ideas).

At the Scotiabank that held the loan, he “plopped” the bag on the counter and asked the hesitant teller to deposit it, Mr. Kenjeev’s said. One hour later, he was free of his student loan.

On Facebook, the reaction to his grocery-bag exploit has been polarizing: a mix of congratulations for his success – but also criticism. Some have accused him of bragging, and rubbing his debt-free status in the face of other students still heavily burdened by loans. (In his defence, he told ABC, the Facebook post was a reaction to a spontaneously happy moment.)

To people who are put out, he said: “I really wasn’t thinking about that, to be fair. It was a milestone moment in your life, when you become debt-free.” (And, many would argue, a moment worthy of celebration.)

Mr. Kenjeev recently made a case in The Globe and Mail for being brutally honest with employees and potential entrepreneurs, and about bad ideas: “Even in the harsh, cold world of business, the truth will set you free,” he concluded.

In this case, he might say his naysayers have a bad case of sour grapes.

But then, as many a student knows too well, in the “harsh, cold world” of rising tuition fees – barring the good fortune of a Kenjeev-style grocery bag – freedom is a distant hope.

45 comments for "May 28 - Toronto man pays off $100,000+ student loan in cash"

 05-28-2012, 07:36 PM         #2
Chiquita  OP
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lucky bastid

 6 years ago '08        #3
foestacks 13 heat pts13
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why would people be mad at him for bragging wtf everyone would do the EXACT samething, people just love to hate
 6 years ago '04        #4
hockeythug 66 heat pts66
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nice...
 6 years ago '05        #5
Freemind 41 heat pts41
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 davilla24c said:
why would people be mad at him for bragging wtf everyone would do the EXACT samething, people just love to hate
Haters gon hate
 6 years ago '11        #6
MACADEMICS 18 heat pts18
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That is dope, congrats. fu*k them haters.
 6 years ago '11        #7
Loso Luciano24 227 heat pts227
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 6 years ago '06        #8
Big Bear 20 heat pts20
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Nice
Cool sh*t........
 6 years ago '07        #9
DaForce13 27 heat pts27
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broke a.ss haters
 05-29-2012, 04:03 PM         #10
iQon  OP
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He couldn't just... open a checking account?

Where I'm from, you'd be dumb to carry 1400 on you. Much less 114k.
 6 years ago '06        #11
King Allister 36 heat pts36
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 iQon said:
He couldn't just... open a checking account?

Where I'm from, you'd be dumb to carry 1400 on you. Much less 114k.
he wanted to do it for memory..

the money was in the bank already. he just wanted to make it memorable
 6 years ago '11        #12
Maddikm 5 heat pts
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I swear I saw him at my work having lunch once with Kevin O'Leary and some other guys
 6 years ago '08        #13
SantinoMurder 
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#yolo
 05-29-2012, 04:45 PM         #14
Ednyce  OP
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On Facebook, the reaction to his grocery-bag exploit has been polarizing: a mix of congratulations for his success – but also criticism. Some have accused him of bragging, and rubbing his debt-free status in the face of other students still heavily burdened by loans. (In his defence, he told ABC, the Facebook post was a reaction to a spontaneously happy moment.)


this sh*t pisses me off, criticism ? be happy for the kid he just paid off 100k in scumbag student loans. people r so worried about wt other people r doing. worry about urself. if i was this kid i would post another pic wit another 100 grand.
 6 years ago '05        #15
Old School 
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I'm a.ssuming he has a great deal of income coming in, otherwise he would have been smarter putting that cash in mutual funds, money markets, etc... and paying off the student loan debt incrementally with the interest he earned. With inflation generally 4% a year, this plan is best unless these are private loans with high rates.
 6 years ago '10        #16
ColeWorld 42 heat pts42
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This man deserves a round of applause
 6 years ago '07        #17
clipse_designz 
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man 100k is what it cost

thank god my parents love me
 6 years ago '11        #18
The Rhyming Ape 65 heat pts65
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 clipse_designz said:
man 100k is what it cost

thank god my parents are rich
fixed
 6 years ago '11        #19
SugaHillRomello 1 heat pts
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nothing but respect for this man.



Only 20k more and ill be free too
 05-29-2012, 06:33 PM         #20
BALLONHOES  OP
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College is a waste of fu*kin time......
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