Walter Sisulu University has confirmed that it had mistakenly deposited R14 million into a student's account.
Eyewitness News reports that the matter came to light when the student's receipt with a multi million rand balance was posted on social media and quickly went viral.
The university says the deposit was made five months ago, and it's investigating why the student did not say anything.
She says however, she did report the matter.
Pictures have also surfaced online showing how the woman splurged on at least one party and luxury goods, including a cell phone.
University spokesperson Yonela Tukwayo says that the deposit was made in error by a company which administers NSFAS funds to student debit cards.
Tukwayo says the student will be liable to repay every cent of the money spent - even if it takes 20 years to do so.
Meanwhile, the National Student Financial Aid Scheme tweeted on Wednesday that there was no amount of R14m sent to a student.
It said it was practically impossible, and the University must rectify their arrangements with Intelli Card.
