A student loan payoff letter, also called a payoff statement or loan verification letter, outlines your loan's essential details. Employee must complete an application and submit supporting documentation for each disbursement of loan repayment.You're saying: "I am submitting more money than what I owe; here is how I want the payment processed. A Paid in Full letter will be sent to you approximately 30-45 days after the payoff payment is applied to your loan. Private Loan Payoff Letter Template offers a clear and professional format for requesting an official statement of your loan payoff balance. The purpose of the letter is to describe why the borrower may not be able to make their mortgage, car loan, or other debt payments.