Man pays off $114K in student loans -- in cash

Alex Kenjeev's Facebook photo of his receipt has gone viral

Published On: May 25 2012 11:42:01 AM CDT   Updated On: May 28 2012 12:46:30 PM CDT
Student loan receipt

 A Canadian man stunned loan officers when he used $114,000 in cash to pay off his student loans.

His Facebook photo of the receipt for $114,460 (US $111,350) has since gone viral.

Alex Kenjeev graduated from the University of Toronto in 2009 and found himself in a position to pay off his college debt after selling off a successful software start-up. He's currently president of O'Leary Ventures, a company owned by Kevin O'Leary of ABC's "Shark Tank," ABC News reported.

Kenjeev said he thought it would be funny to pay off the loans in cash.

So he went to his local Royal Bank of Canada and asked to withdraw $114,460. His request was delayed for three days as bank staff collected and counted the cash, the Vancouver Sun reported.

"Their initial reaction was they didn't want to do it," Kenjeev told ABC News. "Then they said, 'We can't give you this much." And I said, 'What do you mean? I deposit my money here with the expectation that I can take it out. Is this not what banks have been doing for hundreds of years?'"

He received the cash in a small, window-less room in the bank.

Kenjeev put the stack of bills in a grocery bag and walked two blocks away to the bank where the student loan was held. Once again, bank staff had to be mobilized to count the cash, but eventually his transaction was processed and he walked out debt-free, according to the Sun.

"It feels good," he told ABC News. "It feels like a weight has been lifted."