A student loan payoff letter, also called a payoff statement or loan verification letter, outlines your loan's essential details. Owner Information: Date: Owner: Co-Owner: SDHC Loan No(s):.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 agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment.