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Higher One Acquires Sallie Mae’s Campus Solutions Business |
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Acquisition Strengthens Higher One’s Payment and Refund Service Capabilities
New Haven, Conn., and Newark, Del. – May 7, 2013 – Higher One Holdings, Inc. (NYSE: ONE) and Sallie Mae (NASDAQ: SLM) today announced that Higher One has acquired Sallie Mae’s Campus Solutions business. Sallie Mae’s Campus Solutions provides business-to-business solutions, including e-commerce and billing payment solutions, refund disbursement services, and tuition payment plan administration, to college and university business offices across the country. Higher One is a leader in providing financial services and data analytics to college and university campuses across the U.S.
Under the terms of the purchase agreement, Higher One acquired substantially all of the assets of the Campus Solutions business in an all-cash transaction valued at approximately $47.25 million.
“Sallie Mae Campus Solutions has been a trusted business partner to institutions,” said Mark Volchek, CEO and co-founder of Higher One. “The Campus Solutions team is talented and possesses a profound knowledge of financial assistance and payment solutions. We are excited to increase the breadth of Higher One’s offerings and expect to continue to bring best practices for refund disbursement services, payment processing services, and data analytics now to more than 1,600 campuses and more than 13 million students nationwide.”
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Report Correlates Attitudes and Risky Financial Behaviors among First-Year College Students across U.S., Highlights Institutional Impact |
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Money Matters on Campus Sounds the Alarm for Augmented, Increased Financial Literacy Education Programing
WASHINGTON--(BUSINESS WIRE)--A new report detailing the findings from a survey of 40,000 first-year college students from across the U.S. demonstrates to colleges and universities how student financial problems not only impact individual student outcomes but also the institutional mission.
Money Matters on Campus: How Early Attitudes and Behaviors Affect the Financial Decisions of First-Year College Students identified first-year college students’ attitudes towards debt as well as related financial behaviors to determine what role each plays in student financial outcomes.
The study—conducted by EverFi and sponsored by Higher One—surveyed students on banking, savings, credit cards and school loans. The majority of participants (91.2 percent) were first-year college students (mean age = 18.2 years). One of the many survey findings revealed a strong correlation between incurring early debt and not being affiliated with a banking institution. Further, an increased risk of negative financially related outcomes, as students and later in life, was correlated with current risky financial attitudes/behaviors.
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