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Higher One, a company best known for streamlining the process by which colleges channel federal aid funds to students, said Tuesday that it has agreed to purchase the Campus Solutions arm of Sallie Mae that two years ago sought to compete with it. Higher One valued the purchase of the Sallie Mae business -- which works with campus business offices on billing payment solutions, refund disbursement services, and tuition payment plan administration -- at $47.25 million. Higher One has been growing; last year it bought Campus Labs, a student affairs analytics company.