A student loan payoff letter, also called a payoff statement or loan verification letter, outlines your loan's essential details. The loan payoff statement includes your principal balance, any outstanding interest due, and potentially any prepayment penalty (if applicable).Read the background below. 2. Private Loan Payoff Letter Template offers a clear and professional format for requesting an official statement of your loan payoff balance. If you want to pay off your student loans, you'll need to know certain loan information. That's where a student loan payoff letter comes in. To pay off your loan through our mobile app: Go to Home > Loan Details to see your payoff amount. Pay this amount to pay off your loan. Last Updated: June 30, 2022 To pay off your loan through our mobile app: Go to Home > Loan Details to see your payoff amount. To explore your options, contact your loan servicer directly.