South African student university receives $1m loan by error 402.

According to reports, South African students receive loans, to cover textbooks, accommodation and food, through the National Student Financial Aid Scheme NSFAS, and the money is meant to be paid back after graduation. So In theory, a student should only be able to spend it using a special card at designated shops.

Walter Sisulu University in South Africa is investigating how a student was mistakenly given a 14m rand $1m; £770,000 loan.

The error became known after an image of a receipt showing the student's account balance was widely shared on social media and a spokesperson for the university, Yonela Tukwayo accused the student of spending some of the money on a lavish lifestyle.

The student, who has not been named, said she reported the mistake and she has also been quoted saying that she has returned the money but the university insists that the student will be liable for every cent.

NSFAS has blamed the university 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 on. When a mistake occurs in these processes, it is in the hands of the university,NSFAS said.