The four suspects are students at Hightower High School in Missouri City, Texas, where the altered grades appeared, the Houston Chronicle reported Saturday.
The Fort Bend Independent School District has suffered a monetary loss of at least $190,000 because of the incident, which makes it a potential felony, investigators said.
Court documents reportedly do not give details explaining how investigators calculated the losses.
School officials told the newspaper corrective steps have been taken as a result of the alleged hacking.
"It is important to know that we have audited all student grades and the district is confident that all grades are accurate," school district spokeswoman Mary Ann Simpson said.
Of the four students linked to the hacking, three reportedly are minors. Charges have yet to be filed in the case, the Chronicle said.

