This form is a sample letter in Word format covering the subject matter of the title of the form.
Sample Loan Payoff Letter Template For Student Loans In Massachusetts
State:
Multi-State
Control #:
US-0019LTR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Borrowers on the Income-Based Repayment (IBR) Plan will have any remaining balance on their loans forgiven after 20 or 25 years, depending on when they took out their loans. The income-driven repayment plan application is available and includes the option to enroll in the IBR Plan.
While the Fair Credit Reporting Act limits how long an unpaid debt can impact your credit, and the statute of limitations restricts how long you can be sued for a debt, unpaid debt never truly goes away.
Any borrower with ED-held loans that have accumulated time in repayment of at least 20 or 25 years will see automatic forgiveness, even if the loans are not currently on an IDR plan. Borrowers with FFELP loans held by commercial lenders or Perkins loans not held by ED can benefit if they consolidate into Direct Loans.
Sallie Mae—Call 800-4-SALLIE for your final payoff statement. SoFi—You can request your payoff amount through your online account at sofi.mohela. Earnest—Email hello@earnest or call their service line. Citizens Bank—Call (866) 259-3767 to receive your payoff statement.
To get a payoff letter, ask your lender for an official payoff statement. Call or write to customer service or make the request online. While logged into your account, look for options to request or calculate a payoff amount, and provide details such as your desired payoff date.
More info
If you are paying off a specific loan or set of loans online, use the "Custom Pay" dropdown to select "Specify for Each Loan". If you are struggling with your student loans, please fill out this form to get help from the State of Massachusetts Ombudsman's Student Loan Assistance Unit.In the below example, there are two loans with outstanding balances. The loan circled in blue is a Direct Loan. Private Student Loan Payments template. You're saying: "I am submitting more money than what I owe; here is how I want the payment processed. Below is a list of forms to assist you in managing your student loan account. Auto Pay Application Enroll to make payments automatically each month. The Massachusetts Application for State Financial Aid (MASFA) is now available today! A student loan payoff letter, also called a payoff statement or loan verification letter, outlines your loan's essential details.
