UCLA Accidentally Deposited $27 Million Into Students' Accounts

ucla

Photo: Flickr via jmrosenfeld

Thousands of UCLA students were in for a treat when they checked their bank accounts last week. They’d received double their regular dose of financial aid, CBS 2 Los Angeles’ Cristy Fajard reports.But it was all a big mistake.

The school’s financial aid office blamed the deposit error on a technical glitch and by Monday, they had recovered most of the $27 million accidentally distributed, according to Melissa Truong, a reporter at school newspaper The Daily Bruin.

A bit of a bummer for students–one co-ed said he found $10,000 in his account–but most willingly acknowledged they had to return the cash, Fajardo reports.

On the bright side, UCLA is now one of about 40 universities participating in SoFi, a new innovative loan program that allows students to borrow loans from alumni at lower fixed rates.

Now see how 12 millennials got hooked on debt >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.