Student loan payoff letters are created by your lender or loan servicer. It shows your account information, final payment amount, and time frame for the last payment to satisfy the loan.
If you pay the amount given before the timeframe expires, you’ve successfully paid off your loan. Paying the amount after the date requires additional payments to be made.
Your monthly statement typically won’t include the final payment. Therefore, you’ll want to request a loan payoff amount or letter.
How to get your payoff letter, amount or statement
Request your payoff amount directly with the loan servicers. Each loan servicer has its own way of providing payoff letters. Many allow you to request the letters online or print directly from the website. While others require, a phone call, an email or written letter.
After receiving the payoff amount, make sure you pay the exact amount indicated on the letter before the expiration date.