Student Loan Payoff Letter: How to Request It

You may need a student loan payoff letter to refinance your debt or purchase a home.

What is a Student Loan Payoff Letter

A student loan payoff letter is created by your lender or loan servicer, whether it’s federal or private loans. It shows your account information, final payment amount, and time frame for the last payment to satisfy the loan. The letter is not the same as a monthly statement that only includes your current balance, not your payoff balance that includes future interest costs.

A payoff letter has an expiration date which means it needs to be paid off by that due date. Otherwise, interest accrues and the balance to pay off the loan has grown.

How to Get a Student Loan Payoff Letter

To get your payoff letter, you must contact your student loan servicer and request the document. The process may be different for each servicer. Some lets you request your payoff immediately online while others require a phone call or an email.

Once you have your letter, read the instructions carefully and note the payoff balance and the payoff date. Keep a copy for your records. When sending your final payment include the letter. If the last payment is made online, call the servicer to ensure the full payoff amount was applied.

The following can help you request your student loan payoff letter from some of the most common servicers. With every payoff letter request, save a copy for your records.

American Education Services (AES)

1. Log in at https://www.aessuccess.org/
2. Go to the “Account Summary”
3. Select “Payments & Billing”
4. Select “Loan Payoff” in the leftmost column

Discover Student Loans

1. Log in at https://www.discover.com/student-loans/
2. Go to “Account Details”
3. You can call Discover Student Loans at 1-800-788-3368

EDSF/EdFinancial

1. Log in at https://edfinancial.com/home
2. Go to the “Account Snapshot”
3. Click on the option “View Payoff Details” tab next to your “Outstanding Balance”
4. Under “Select Number of Days”, select the option 30-day payoff date from today’s date

ESCI

1. Log in at https://borrower.ecsi.net/
2. Select the “Balance and Billing” tab
3. Click on “Current Account Balance”

Federal Loan Servicing / MyFedLoan

1. Log in at https://myfedloan.org/
2. Select “Payments & Billing”
3. Select “Loan Payoff” in the leftmost column
4. Select the option “Request A Payoff Amount” to calculate your payoff amount

Great Lakes

1. Go to https://www.mygreatlakes.org/
2. Select “Payments” on the top navigation bar, and click on the first option in the dropdown menu titled “Manage Payments”
3. Click on “Calculate Payoff Amount”

Missouri Higher Education Loan Authority (MOHELA)

1. Log in at https://www.mohela.com/
2. Click “Resources”
3. Go to the “Pay-off Calculator”
4. Enter the date for the payoff amount

Navient

1. Go to https://navient.com/
2. Select Loan Details.
3. You can also call Navient 800-722-1300.

Nelnet

1. Log in to Nelnet.com
2. Select Payoff Quote
3. You can also call Nelnet 888-486-4722.

Sallie Mae

1. Log in at https://www.salliemae.com/
2. Select the loan that you would like a payoff quote.
3. Get assistance and contact Sallie Mae at 800-472-5543

Managing Your Finances After Student Loan Payoff

Congrats on taking a step in achieving debt freedom. Whether you’re paying off your loans or looking to refinance student loans, you’re on the right step to financial independence.

As you continue on your progress, consider using tools like Personal Capital to help you track your net worth and Credit Karma to monitor your credit.