SCHOLLY FOUNDER SUES SALLIE MAE OVER TERMINATION

Gray's complaint centers on two primary allegations: his termination from the company following the acquisition and Sallie Mae's alleged sale of student information obtained through Scholly's platform. Sallie Mae has rejected both claims, stating the termination was lawful and denying any improper data practices. The company said it intends to defend itself vigorously in court. Scholly, which helps students find scholarship opportunities, was acquired by Sallie Mae, the nation's largest private student loan company. The acquisition represented a strategic expansion for Sallie Mae into the scholarship discovery space. The lawsuit raises questions about data privacy practices and post-acquisition management at major education finance companies. The outcome could impact how edtech companies handle student information following acquisitions by larger firms.