Complaint alleges Sallie Mae established a plan and scheme to circumvent federal data-privacy protections related to the use and disclosure of student data, and retaliated against the executive who reported it.

WILMINGTON, Del., April 29, 2026 /PRNewswire/ -- Christopher Gray, founder of scholarship-matching platform Scholly and current CEO of AI test-prep platform Path, has filed a whistleblower and data-privacy lawsuit against SLM Corporation (NASDAQ:SLM), the parent company of Sallie Mae Bank, and its non-bank subsidiary SLM Education Services, LLC, in Delaware Superior Court. The complaint alleges that Sallie Mae built a deliberate corporate structure to sell the personal data of millions of students, including minors, while evading the federal privacy law that would otherwise prohibit it.