Thousands of California community college students have been left waiting for their financial aid after a security breach hit BankMobile, the banking platform many colleges use to send aid money to students.
What Happened
About 60 community college districts in California use BankMobile to pay out scholarships, school aid and federal aid refunds, like leftover Pell Grant money.
Attackers were able to change students’ bank account details on the platform. About 65,000 student accounts were affected, and about 400 students had their financial aid stolen outright. For those 400 students, the money may never be recovered.
How Colleges Responded
In October, after learning about the breach, the California Community Colleges Chancellor’s Office told college districts, including Riverside and Foothill-De Anza, to stop electronic payments through BankMobile.
Riverside Community College District began paying about 3,400 direct deposit students by paper check starting October 8. Santa Monica College asked all of its students to reselect their refund preferences to keep receiving aid.
Students Are Struggling
Some students have waited more than a month for their aid. Some say they are rationing gas, skipping textbook purchases or even skipping meals while they wait.
What Students Should Do
- Check your BankMobile account and your bank account for any unusual changes.
- Contact your college’s financial aid office to confirm when and how your aid will be paid.
- Make sure your mailing address is up to date, in case aid is sent by paper check.
- Watch out for fake emails or texts pretending to be your financial aid office or BankMobile.