Our advanced operations, document imaging systems, and dedicated customer service representatives ensure that your payments are processed with the speed, accuracy, and attention to detail you require.

Sallie Mae Business Office Solutions will perform the following lockbox functions for you every day:

• Mail pickup
• Envelope extraction and distribution to workstations
• Remittance scanning, check encoding, endorsing, microfilming, and image capture
• Preparation of cash letters, deposit, and statistical reports
• Exception processing
• Transmission of remittance data to your accounts receivable system
• Delivery of deposit information to a reconciliation area

Benefits

• Faster processing: We process 99% of payments the day they are received.
• Cost savings: Lockbox services can help reduce the costs of printing paper checks in-house.
• Payment receipt: Payments will be mailed to your private Post Office box.
• Accuracy: We have the highest level of accuracy in the industry.
• Electronic transmission: Our high-speed equipment produces a lockbox file that can update student account records daily.
• Bank accounts: Your school can own the bank accounts your funds are deposited into or benefit from reduced banking fees and advanced reporting tools by leveraging our bank relationships.
• Return items: Return items can be processed electronically. No more waiting for returned checks.
• Customer service: Our customer service unit is available to answer any questions about the processing of payments.