Student pays off $114,460 loan in cash

[sweet sparrow]

I saw this in the newspaper today.

http://www.dailyfinance.com/2012/05/23/what-happened-when-alex-kenjeev-paid-his-student-loan-in-cash/

[Ciel]

I like how he planned the payment (what an event!) but I would not have his nerve to carry that much out in cash unless it was a draft or similar.

Many students probably got inspired reading his story.

[BrokeandBlended]

I don't understand why he didn't think it would inconvience anyone. It inconvienced him from the beginning. I'm sure he felt like a millionare for that two block walk from one bank to another, not a walk I would risk.

[slayer_glade]

I'm glad he was able to pay it off.

Though thinking it's easier to pay 114k+ in cash than by check... Yeah, no.

[aemi]

wait, people are still using cash?

[Shwa Girl]

Thanks OP. I looked at the receipt for the loan payment. Looks like $0.30 is still owing.

wait, people are still using cash?

Cash still comes in handy. On Friday afternoon, I was traveling for work and needed gas. There was a station with a great price and long line up. Then the line up got shorter as people started turning around and driving away. Their debit and credit was down at the station and in the whole area.

Only those people with cash could buy gas.

I had cash.

[lealgen]

$190,000 in student debts - Holy smokes!!! Glad he has a good paying job to pay it all off!

[Ciel]

It can take a power failure, overloaded servers or a thunderstorm to put a card terminal out of service...so yes, cash still is useful and it means the business is still making sales.

[SharonMe]

Talk about easy to borrow and hard to pay back!

[xox2010]

Inspirational but its a little unfair to other patrons when you are paying things off with that amount of cash.

[sweet sparrow]

When you're making your last debt payment (in six figures), reality probably isn't the first thing that comes to mind. I don't suppose he does that every day. He'll have something to tell the grandkids, that's for sure!!

If I was behind him in line, I don't think I'd feel inconvenienced. I think I'd be too busy picking my jaw up from the floor!

I'm jealous. I'd love to know what it's like to get rid of a six figure debt in a day.

[chillys-willy]

Nice story! It doesn't say how he ended up being able to pay that amount off in a chunk. I wonder if he had just sold his portion of the venture capital project. If not, paying it off sooner in smaller chunks would have been smarter but it does make for a good story when he is old.