Luck by chance: Student receives loan of Rs 6.8 crore by error, spends half the money

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A South African university’s student had mistakenly received a sum of 14 million South African Rand, which amounts to Rs 6.8crore, as loan in her bank account five months ago, and has now spent almost half of it.

The error became known after an image of a receipt showing the student’s account was widely shared.

A spokesperson from the student’s place of study, Walter Sisulu University, said that she had been spending the money on a “lavish lifestyle”.

A spokesperson from the university has said that the student will be “liable for every cent”.

The student has allegedly reported the mistake and has also been quoted as saying that she returned the money, as per a News24 report.

The National Student Financial Aid Scheme (NSFAS) is an organisation that gives South African students loans to cover textbooks, food and accommodation costs. The amount is to be paid back after graduation.

A university official has stated a TimesLIVE report that it was very callous of her to not report the matter immediately, for which she will be held responsible.

The student can only spend the loan money at designated shops with the help of a special card.

Apparently, not even the university neither the NFSAS could be blamed for the mistake as it happened due to a goof-up by the company that issues the student debit cards – Intellicard. The CEO of the company is reportedly going to meet with the university officials.

Meanwhile, the NSFAS has cleared its stance stating that loan amounts are allocated by them directly to the institutions and it is their responsibility to allocate it to the students.

“When a mistake occurs in these processes, it is in the hands of the Univesity,” NSFAS has said.

[“Source-moneycontrol”]