Student Loan Payoff Letter : When is it needed and Why

Learn what a Student Loan Payoff Letter is. Figure out when you may need it and read the steps to get yours.

Updated by Vidish S on 22nd July 2020

A Student loan payoff letter is a document that provides you with information about your student loans. Find out why the statement is such a big deal and how you can get one.

Table of contents

What is this “Student Loan Payoff Letter”? 

A Student Loan Payoff Letter is basically a document that you receive from your lender, both private and federal, and this document acts as a statement, showing your payoff amount, monthly payment obligation as well as your account information.

It will also come with instructions regarding the accepted payment methods, along with information about any additional charges that might be levied such as processing fees and account closing fees. The Prepayment Penalty might also be listed, if applicable. It is definitely something you should pay attention to.


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When will you need it?

  • For getting a mortgage

  • For paying off your loans

  • For refinancing your debt


How can you get yours?

American Education Services (AES)

  1. Log in at https://login.aessuccess.org/accountAccess/index.cfm

  2. Go to the “Account Summary”

  3. Select “Payments & Billing”

  4. Select “Loan Payoff” in the leftmost column

  5. Select the loan that you want to request a payoff for

  6. Select the 30-day payoff date from today’s date

  7. Select “Request A Payoff Amount” to calculate your payoff amount

  8. Repeat this for each individual loan

  9. Save a print version of each page

 

Discover Student Loans

  1. Log in at https://www.discover.com/student-loans/

  2. Go to “Account Details”

  3. Save a print version of this page with a thirty-day payoff balance for each loan

  4. Alternatively, you can call Discover Student Loans at 1-800-788-3368

 

EDSF/EdFinancial

  1. Log in at https://edfinancial.myloanmanager.com/Login.aspx

  2. Go to the “Account Snapshot”

  3. Click on the “View Payoff Details” tab next to your “Outstanding Balance”

  4. Under “Select Number of Days”, select the 30-day payoff date from today’s date

  5. Save a print version of this page

 

ESCI

  1. Log in at https://borrower.ecsi.net/

  2. Select the “Balance and Billing” tab

  3. Click on “Current Account Balance”

  4. Add up the two dollar amounts listed under the “Current Balance” and “Current Interest” tabs. The sum of these two dollar amounts is your payoff amount.

  5. Save a print version of this page

 

Federal Loan Servicing

  1. Log in at https://accountaccess.myfedloan.org

  2. Go to the “Account Summary”

  3. Select “Payments & Billing”

  4. Select “Loan Payoff” in the leftmost column

  5. Select the loan that you want to request a payoff for

  6. Select the 30-day payoff date from today’s date

  7. Select “Request A Payoff Amount” to calculate your payoff amount

  8. Repeat this for each individual loan

  9. Save a print version of each page

 

Granite State Management

  1. Call 1-888-556-0022 and request a thirty-day payoff statement to be emailed to you.

 

Great Lakes

  1. Go to https://www.mygreatlakes.org/

  2. Click on the “Log In” button.

  3. Enter your personal user ID and click the “Continue”

  4. Enter your PIN number and click “Continue”

  5. Enter your personal password and click “Continue”

  6. Select “Payments” in the top navigation bar, and then click on the first option in the dropdown menu titled “Manage Payments”

  7. Click on “Calculate Payoff Amount”

  8. Use the “Choose Payoff Date” field to select the number of days needed from today and click the “Calculate” button

  9. Your 30-day payoff amount is shown below

  10. Save a print version of this page

 

Missouri Higher Education Loan Authority (MOHELA)

  1. Log in at https://www.mohela.com/default.aspx

  2. Click “Resources”

  3. Go to the “Pay-off Calculator”

  4. Enter the date for the payoff amount

  5. Save a print version of this page

MyFedLoan

  1. Visit MyFedLoan.org and login

  2. Under “Account Summary,” click on “Payments & Billing”

  3. Choose “Loan Payoff” on the left

  4. Select the loan that you want to request a payoff quote for

  5. Choose your date

  6. Select “Request A Payoff Amount”

  7. Save or print version of each page

 

National Education Servicing (NES)

  1. Log in at https://www.nationaled.net/

  2. under the demographic information tab on the account page, there payoff amount calculator

  3. Enter “30 days” in the calculator to get your payoff amount

  4. Save a print version of this page

 

Navient

  1. Call 1-888-272-5543 with your account number ready.

  2. Request a thirty-day payoff statement to be emailed to you.

 

Nelnet

  1. Call Nelnet at 888-486-4722 with your account number ready

  2. Request a thirty-day payoff statement and a loan summary with your complete account numbers.

 

Sallie Mae

  1. Log in at https://www.salliemae.com/

  2. Select the loan that you would like a payoff quote for. You will be directed to the “Loan Details” page.

  3. At the bottom of the “Loan Details” page, select the Loan Payoff Calculator link

  4. Enter the date for the amount of time a payoff is needed the calculator

  5. Click “Calculate” to generate your payoff amount which is valid for the designated time period

  6. If you have questions or need assistance obtaining your payoff amount, you can contact Sallie Mae at 800-472-5543

 

University Accounting Services (UAS)

  1. Call 800-999-6227 and Have your Social Security number and zip code ready.

  2. Press three to speak with a customer service representative.

  3. Request a thirty-day payoff statement to be emailed to you.

 

Tru Student

  1. Call customer service at (866) 869-1592 and have your social security number or account number ready.

  2. Request a thirty-day payoff statement to be emailed to you.