Home / education / Massive Financial Aid Data Breach Proves Stanford Lied For Years To MBAs

Massive Financial Aid Data Breach Proves Stanford Lied For Years To MBAs

14 terabytes of “highly confidential” information about five,120 monetary support programs over seven years had been exposed in a breach at Stanford’s Graduate School of Business — proving that the varsity “misled thousands of applicants and donors about the way it distributes fellowship aid and financial assistance to its MBA students,” reviews Poets&Quants.

The knowledge used to be unearthed via a present MBA scholar, Adam Allcock, in February of this 12 months from a shared community listing obtainable to any scholar, college member or staffer of the trade college. In the similar month, on Feb. 23, the coed reported the breach to Jack Edwards, director of economic support, and the data had been got rid of inside of an hour of his assembly with Edwards. Allcock, alternatively, says he spent 1,500 hours analyzing the data and compiling an 88-page report on it…

Allcock’s discovery that extra money is being utilized by Stanford to trap the most efficient scholars with monetary backgrounds suggests an admissions technique that is helping the varsity succeed in the very best beginning repayment programs of any MBA program on this planet. That is in large part as a result of prior paintings enjoy in finance is in most cases required to land jobs in essentially the most profitable finance fields in non-public fairness, project capital and hedge budget.
Half the school’s students are awarded financial aid, and although Stanford at all times insisted it used to be awarded primarily based best on want, the file concluded the varsity were “lying to their faces” for greater than a decade, additionally figuring out evidece of “systemic biases against international students.”

Besides the embarrassing publicity in their monetary support insurance policies, there may be every other obtrusive lesson, writes Slashdot reader twentysixV. “It’s actually way too easy for users to improperly secure their files in a shared file system, especially if the users aren’t particularly familiar with security settings.” Especially since Friday the college additionally reported every other university-wide file-sharing platform had uncovered “a number of knowledge from a number of campus places of work, together with Clery Act reports of sexual violence and some confidential student disciplinary knowledge from six to 10 years in the past.”

About Aamir

Check Also

EFF Honors Chelsea Manning, an IFEX Leader, And TechDirt's Editor

EFF, MuckRock Partner To See How Local Police Are Trading Your Car’s Location

v3rgEz writes: The Electronic Frontier Foundation and transparency non-profit MuckRock helped record over 1000 public …