Joe Person of The State (SC) is reporting that the investigation into the University of South Caroina's football program centers around players' living arrangements.
Players do get a stipend if they choose to stay off campus. While it is yet to be determined if the players are getting a 'special rate' [read: illegal benefit], so far the whole thing seems quite minor. The amount of money involved makes it highly likely that the players paid the difference over the stipend themselves.
As long as the players answer truthfully, we are talking about a slap on the wrist and some sort of repayment at worst.