OpenNet is Sallie Mae's online loan delivery system. With OpenNet, you can transfer loan data to any lender, guarantor, or servicer who has a relationship with Sallie Mae for processing. OpenNet integrates easily with all financial aid management systems because it supports all major communication methods and it eliminates data encryption. OpenNet is available to schools without charge.

Features

• The cornerstone of OpenNet is File Management. File Management makes the entire loan processing cycle easier to monitor so that you can track the file at each stage. The system proactively monitors the transmission of files and resolves delays smoothly so that files reach their appropriate destinations quickly and accurately.
• OpenNet's Application Processing module expedites the entire loan application and disbursement process. Incorporating features like real-time updates and E-Signature capabilities, OpenNet seamlessly integrates with your school's preferred process.
• OpenNet's Change Transactions feature makes it easy to make custom and mass edits in the loan process.
• OpenNet offers industry-leading search and reporting capabilities to give you enhanced visibility over multiple accounts throughout the entire loan process.
• Sallie Mae provides schools with a companion entrance counseling, exit counseling, annual Master Promissory Note, and repayment counseling module. It provides information on budget management and borrower rights and responsibilities.
• Borrowers can electronically sign their loan applications without having to use a PIN.

Benefits

• Schools can tie entrance counseling directly to their online application process.
• OpenNet provides a smooth and efficient loan process when working with any lender or guarantor that has a relationship with Sallie Mae.
• The File Management module can be used for loans using any lender or guarantor, whether they are affiliated with Sallie Mae or not.

Legal

To learn more about OpenNet, please contact your Sallie Mae representative or call (800) 292-6868.