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.

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