SCHOLLY FOUNDER SUES SALLIE MAE OVER TERMINATION

INDUSTRY DESK■ 1 MIN READ

WED, APR 29, 2026

■ AI-SUMMARIZED FROM 1 SOURCE ▸ TIMELINE

Chris Gray, founder of the Shark Tank-backed scholarship platform Scholly, has filed a lawsuit against Sallie Mae, the company that acquired his startup. Gray alleges wrongful termination and claims Sallie Mae is improperly selling student data through a subsidiary.

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.

■ SOURCES

► TechCrunch

■ SUMMARY WRITTEN BY AI FROM THE LINKS ABOVE

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SCHOLLY FOUNDER SUES SALLIE MAE OVER TERMINATION

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