South African student mistakenly receives $1 million loan, embarks on spending spree
A South African university is investigating how a $1 million loan was mistakenly credited into a student’s account.
The unnamed female student received the huge sum of money instead of a S$145 monthly food allowance she was supposed to get.
According to local media, Walter Sisulu University authorities said the money was deposited five months ago, and only noticed the error after a receipt showing the student’s account balance was shared on social media.
The student is reported to have already spent nearly $83,000 of the money, mostly on clothes, a party and a new smartphone.
The university said the student will be held “liable for every cent.”
University students in South Africa receive loans to fund books, accommodation and food through the National Student Financial Aid Scheme (NSFAS), and the money is meant to be paid back after graduation.
