"Gray alleges that Sallie Mae laid off his co-founders and fired him for raising concerns about data privacy, claiming the company is selling users' personal information to third parties."
"The data allegedly being sold includes sensitive information such as students' age, gender, race, and financial status, raising significant ethical concerns."
"Sallie Mae acquired Scholly in 2023 to reposition itself beyond student lending, gaining access to five million users who provided detailed personal information."
Christopher Gray, founder of Scholly, is suing Sallie Mae in Delaware Superior Court and has filed a whistleblower complaint with the SEC. He alleges that Sallie Mae laid off his co-founders, fired him for raising data privacy concerns, and is selling users' personal information, including minors' age, gender, race, and financial status, to third parties. Sallie Mae denies these allegations. Scholly, which helps students find scholarships, was acquired by Sallie Mae in 2023 as part of its strategy to expand into student financial wellness.
Read at TNW | Data-Security
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