A student loan payoff letter, also called a payoff statement or loan verification letter, outlines your loan's essential details. A 10 day payoff is crucial to getting your old loans paid off during a refinance.Learn how it works from start to finish. 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. A payoff letter provides instructions on how to pay off a loan with a lump sum before the loan term ends. Learn how payoff letters work. Once selected, you will find your "Online" and "By U.S. Mail" payoff amounts, as shown in the example below. A payoff statement is a document delineating the complete amount necessary to settle your student loan debt in full. A payoff statement is a document delineating the complete amount necessary to settle your student loan debt in full.