Take your statement and explain you want to payoff the loan. You may access the money in your Share Certificate Account before the term is officially up, but there will be an early-withdrawal penalty.A mortgage lender might ask you to write a letter of explanation to better understand your finances when deciding whether to approve you for a loan. A "payoff" occurs when the borrower pays the total amount required to satisfy the loan balance completely. Paying off the loan also stops a foreclosure. Students who officially withdraw or take an official leave of absence from Clark University are required to submit paperwork to the Dean of Student's Office. You need to have all the information. This includes the name and address of the lender as well as the borrower. To successfully complete the withdrawal process, please follow the instructions below. Discuss your options with your academic adviser.