Theft of Data on 3.3 Million Student Loan Borrowers

March 29, 2010

The Educational Credit Management Corporation, a guarantor of federal student loans, announced Friday that a "portable media" device recently stolen had personally identifiable information -- including names, addresses, dates of birth and Social Security numbers -- on 3.3 million borrowers, co-signers and others. The theft occurred during the weekend of March 20-21 and was discovered by ECMC on the afternoon of Sunday, March 21. Officials said that they informed law enforcement immediately and issued Friday's announcement as soon as they had clearance to do so by those investigating the theft. ECMC guarantees loans for students in Minnesota, Virginia and Oregon, and also contracts with the U.S. Education Department to provide services when borrowers have entered into bankruptcy.

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