Law grad pays off $114,000 student debt in cash

May 31, 2012 11:09 AM

A graduate from a Canadian law school has paid off his $114,000 debt in cash, and had a photo of the receipt posted on Reddit to prove it.

Alex Kanjeev graduated from the University of Toronto law school in 2009 and then worked as a venture capitalist. His student loans totalled a staggering $190,000, but he had already managed to pay off $76,000. Last week he turned up at his local branch of the Royal Bank of Canada and asked to withdraw $114,000 to pay off the remainder. After some discussion the bank said he could take the money out but would have to wait three days for it. So he turned up three days later, stuffed the money in a canvas bag and walked it round to Scotiabank.

 The bank originally refused to accept it, but after a couple of hours caved in, counted it out and gave him a receipt:

Alex says that he wasn't trying to make any big point, he just though it would be funny. And he presumably didn't anticipate the deluge of online vitriol and Daily Mail articles that would result from his action.  "I was feeling very good about finally being debt-free. Some people have taken it pretty offensively. I actually think they have a point. It hadn't really occurred to me."

 Alex says that he wasn't trying to make any big point, he just though it would be funny. And he presumably didn't anticipate the deluge of online vitriol and Daily Mail articles that would result...