The New Mexico Educational Assistance Foundation lost as much as $700,000 in early July due to an attack by hackers accessing their bank account. The non-profit assistance foundation manages student loans and has a worth of around $1.3 billion for over 90,000 New Mexicans. Thankfully, it was just money, and no personal records or data was taken in the attack.

The FBI has taken the lead on this, but has declined to make any comments. More than likely, the account was accessed through the use of a user password rather than a breach of the banks firewalls.

Student Loans Hacked, $700,000 Gone

The Bank of the West, where the account was held for the New Mexico Department of Education says that there was an unauthorized breach through a commercial customer and that they took action immediately. They will be holding a joint investigation with the FBI.

No one knows who will take the brunt of this loss, whether it is the foundation that suffers or the bank itself.

The foundation has, until recently, held all of the dealings with student financial loans for the state of New Mexico until the federal government took over the loans program. They still deal with everyone that had loans prior.