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Streamlining financial aid. (What's New).

Tired of pushing paper instead of helping students? For Satire Mae customers, the company is offering at no extra charge Your Electronic Award, an automated financial award Letter. The product streamlines the award process by replacing the traditional paper award with a fully electronic award presentment-and-response process. Result: time and cost savings. Staff members no longer have to spend time compiling, packaging, and shipping brochures, and numerous offices can access the same information, eliminating repetitive data entry. According to Wendell Schick, financial aid director at Ohio Northern University, his office has seen a 35 percent decrease in postage and publications budgets since using the product, because of the reduced need to mail hard-copy information to students. "It used to take two people a full day to assemble and mail 200 award packages, but now one person can electronically mail the same 200 award packages in 30 minutes," Schick says.

Also from Sallie Mae, two new products have been added to the Net.Pay e-payment system: Net.Shop and Advance Payment System. Net.Shop is a browser-based storefront development and management system that allows IHEs to create multiple online stores. It offers real-time, online payment processing for credit cards and checks, and customized tax and shipping configurations. Advance Payment System allows students, parents, and alumni to schedule payments up to a year in advance, and stores the transaction data until the payment date. The system helps reduce an IHE's overall operating expense by enabling automatic payments, generating detailed reports and confirmation e-mails, and producing payment remittance files that can be used to update any A/R or financial system. Head to
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Author:Rivard, Nicole
Publication:University Business
Date:Sep 1, 2002
Previous Article:Processing made easier. (What's New).
Next Article:Hurry up and graduate. (Controversy).

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