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.What were your "bad grades? " Are you talking about a B? A student loan payoff letter, also called a payoff statement or loan verification letter, outlines your loan's essential details. Petitions may be filed after the student has completed a minimum of one semester (minimum of 15 credits) of satisfactory work at Washington State University. SmartAsset's student loan payoff calculator shows what your monthly loan payments will look like and how your loans will amortize over time. So, paying extra towards the principal shrinks your balance, which in turn reduces the amount of your monthly payment that goes to interest. FICO prefers to see consumers with both installment loans and credit cards .