UH officials say a third-party investigation will examine the university's policies and practices to ensure it doesn't happen again.
Meanwhile, students, recognizing a terrible situation, wonder what will happen if the university doesn't get its money back.
"Part of our tuition includes an athletics fee every year," said UH student Alee-a Blanco. "So I hope that because of the situation that they don't try to take the money to recover what was lost or increase our fees."
The FBI will only say it has been contacted by UH officials.