A USC scholarship fund that lets students borrow on behalf of the school was shut down Wednesday, and its alumni have been left with less than $5,000 to spend.
The decision to shutter the program, known as Harley Davidson, came after an investigation by The Associated Press found that more than half of the $5.7 million scholarship fund was used by students who attended less than four weeks of school.
The fund, which offers up to $10,000 in financial aid to eligible students, is operated by the USC Foundation.
The foundation said that in the last three years, it had spent more than $10 million to expand its fund.
The alumni program, which allows students to borrow to help cover the cost of college tuition, has about 2,300 members.
The AP reported that USC found that between January 2016 and March 2017, the foundation paid out more than 4 million dollars to more than 1,600 alumni who used the fund.
Most of the money was given to students who did not attend more than four quarters of school or who did more than two hours of unpaid work during the year.
Some alumni had been receiving financial aid since at least 2011, but some have been stuck with a measly $5K for years.
The money is used to pay for tuition, fees, room and board, books and supplies, transportation, room, board, and living expenses.
The fund’s founder, Harvey Davidson, had said the funds would help cover tuition costs, but it has become increasingly difficult to fund college.
In fact, the USC foundation has been unable to find a single alumni who is eligible for the money.
The program’s demise comes after The Associated, a nonprofit news organization, reported that some of the most popular student-loan companies were not following the law and were using student-borrower money to pay employees.
Some of the companies had been using the money for employees’ salaries or bonuses, while others were paying the salaries of their students.
In a statement, USC said it was working with law enforcement to find out how much money was missing from the fund and to investigate further.
The university did not immediately respond to a request for comment.