SOUTH AFRICA: Student Receives $1million Loan in Error
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A South African university commences investigation on 14 million rand ($1m; £770,000) loan divert to one of her students in error.
The university became aware of the incident when a snapshot of the student's account balance went viral.
A Walter Sisulu University (WSU) spokesperson accused the student of spending some of the money on a "lavish lifestyle", Times Live reports.
The student, who is yet to be officially named, declared that she had reported the incident to the appropriate authorities when she noticed the loan.
She has also been quoted as saying that she has returned the money.
But the university insists that the student will be "liable for every cent", News24 quotes spokesperson Yonela Tukwayo as saying.
South African students usually receive loans, to cover textbooks, accommodation and food, through the National Student Financial Aid Scheme (NSFAS), and the loan is expected to be paid back after graduation.
In theory, a student should only be able to spend it using a special card at designated shops.
NSFAS has blamed WSU for the error. In a statement issued on Twitter it said that it gives all the money to be paid to students to the university, which then passes it onto the benefiting students
"When a mistake occurs in these processes, it is in the hands of the university," NSFAS said.
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