One form tells borrowers the remaining principal amount and interest they have to pay to close out the loan. Create a Loan Payoff Letter online and download it as a PDF or Word document.Customize and print a blank Loan Payoff Letter for free. Lenders typically use their own forms of payoff letter (see Practice. Note, Security and Guaranties: Release (6-381-2932)). Under the SAVE plan monthly payments are based on your income not your student loan balance. And here's how you can enroll in the SAVE program. Old Number. New. Number. The Appellate Division, Second. Payoff of Existing Debt; Release of Liens.