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.How will I pay off my student debt? Based on a 10-year repayment plan: Monthly payment amount: "Monthly_Pymt". Edit, sign, and share payoff letter water online online. No need to install software, just go to DocHub, and sign up instantly and for free. What is a Payoff Agreement? A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. Your MOHELA online account is the quickest and easiest way to get your payoff amount and submit your payment. A 10 day payoff is crucial to getting your old loans paid off during a refinance.