Payoff Statement: Find Your Student Loan Payoff Letter

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When it comes time to completely pay off your student loans, you will need to contact your loan servicer for a payoff statement. This document outlines the total amount you would need to pay to completely satisfy your loan, including any unpaid interest. The amount listed in your payoff statement will generally not be the same as your current loan balance.

However, keep in mind that you don’t have to make any payments on federal student loans while they are currently paused. Interest on all student loans will resume in September while payments will be due starting in October.

• When do you need a payoff statement?
• What information is included in a payoff statement?
• How to get a payoff statement
• Why you should pay off your student loans

When do you need a payoff statement?

A payoff statement is a short-term document that outlines your principal balance, the amount of interest that has accrued since your last statement, and the total amount of money you would need to pay immediately to completely satisfy your student loan debt. There are several situations where you will need a payoff statement for your student loans, including:

• Paying off your student loan early: Since your payoff amount includes unpaid interest or accrued fees, you should request a payoff statement if you want to pay off your student loans early. That way, you can make the full payment to pay off the loan without having leftover interest you will need to pay the next month.
• Refinancing your student loan: When you refinance your student loans, your new lender may ask you for a payoff statement from your current lender to know the exact amount needed to satisfy the debt.
• Buying a home: As part of the approval process for a mortgage, your mortgage lender may request a student loan payoff statement. That’s because the lender will be reviewing all aspects of your finances, including your debt. Your student loan payoff statement will help the lender calculate your debt-to-income ratio (DTI).

Remember that refinancing your student loans can potentially save you money by reducing your interest rate or your monthly payment amount, however, you will lose federal protections such as income driven repayment plans, and student loan forgiveness programs. If you’re looking to refinance your student loans, make sure you compare multiple lenders to find the best fit for your needs.

Lender	Variable rates from (APR)	Fixed rates from (APR)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.3%+	4.85%+
Fixed APR: 4.85%+ Variable APR: 5.3%+ Min. credit score: 720 Loan amount: $10,000 to $400,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas Customer service: Email, phone Soft credit check: 720 Cosigner release: No Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 - $149,000 Max. Graduate Loan Balance: $200,000 - $400,000 Offers Parent PLUS Refinancing: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.06%+1	6.8%+1
Fixed APR: 6.8%+1 Variable APR: 7.06%+1 Min. credit score: Does not disclose Loan amount: $10,000 to $750,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.99%+2	6.99%+2
Fixed APR: 6.99%+2 Variable APR: 6.99%+2 Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15 Repayment options: Military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: All states except for ME Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: College Ave Servicing LLC Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	8.03%+5	6.0%+5
Fixed APR: 6.0%+5 Variable APR: 8.03%+5 Min. credit score: 700 Loan amount: $7,500 to $200,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R) Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $150,000 to $199,000 Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.28%+3	5.08%+3
Fixed APR: 5.08%+3 Variable APR: 5.28%+3 Min. credit score: 680 Loan amount: $10,000 to $250,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: Mohela Max. Undergraduate Loan Balance: $250,000 Max. Graduate Loan Balance: $250,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	8.12%+4	5.9%+4
Fixed APR: 5.9%+4 Variable APR: 8.12%+4 Min. credit score: 670 Loan amount: $5,000 to $250,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Academic deferment, military deferment, forbearance Fees: Late fee, returned payment fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max undergraduate loan balance: $250,000 Max graduate loan balance: $250,000 Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.02%+	4.49%+
Fixed APR: 4.49%+ Variable APR: 5.02%+ Min. credit score: 700 Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 15 Max. undergraduate Loan Balance: $125,000 Time to Fund: 10 to 30 days Repayment options: Immediate repayment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 months Loan servicer: LendKey Technologies Inc. Max. graduate Loan Balance: $175,000 Credible Review: LendKey Student Loans review Offers Parent PLUS Refinancing: No
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	N/A	5.75%+
Fixed APR: 5.75%+ Variable APR: N/A Min. credit score: 670 Loan amount: $10,000 up to the total amount Loan terms (years): 7, 10, 15 Repayment options: Military deferment, loans discharged upon death or disability Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: AES Max. Undergraduate Loan Balance: No maximum Max. Gradaute Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.34%+ - 10.79%+8	7.58%+ - 14.48%+8
Fixed APR: 5.34%+ - 10.79%+8 Variable APR: 7.58%+ - 14.48%+8 Min. credit score: Mid-to-high 600's FICO8 Loan amount: $5,000 to $500,000 (depending on degree) Loan terms (years): 5, 7, 10, 15, 20, 25 years8 Time to fund: 3 business days Repayment options: Immediate Fees: Late fee, NSF fee Discounts: Autopay8 Eligibility: Must be a U.S. citizen or have permanent residency status with a valid U.S. Social Security number Customer service: Email, phone Soft credit check: Yes8 Cosigner release: After 24 months8 Loan servicer: Firstmark Services Max. undergraduate loan balance: $125,000 Max. graduate loan balance: $500,000 Offers Parent PLUS loans: Yes Min. income: You or your cosigner must meet Nelnet Bank's income criteria
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	N/A	5.79%+
Fixed APR: 5.79%+ Variable APR: N/A Min. credit score: 680 Loan amount: $7,500 to $250,000 Loan terms (years): 5, 10, 15 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000 Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Rhode Island Student Loan Authority Max. Undergraduate Loan Balance: $150,000 - $249,000 Max. Graduate Loan Balance: $200,000 - $249,000 Offers Parent PLUS Refinancing: Yes
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures  | 8Nelnet Bank Disclosures

What information is included in a payoff statement?

Your payoff statement will provide you with detailed instructions on how to pay off your student loan. Here is the specific information you can expect to find in a payoff statement:

Payoff amount

This is the amount of money you will pay to completely satisfy your student loan debt. The payoff amount includes several sections:

• Principal balance: This is the amount you owe, including any newly added interest. Your principal balance is based on the original amount of money you borrowed, plus any accumulated interest.
• Accrued interest: Interest accrues on your loan each month. Any unpaid interest must be paid in order to pay off your student loan completely.

Good-until date

Since the specific amount you need to remit to pay off your loan changes as interest accrues, your payoff statement will provide a “good-until date.” After that date has passed, the payoff statement will no longer be accurate, since new interest will have accrued.

Your payoff statement may also list this as your “good-through date.”

Check Out: Student Loan Refinance Calculator: Should I Refinance?

Interest charges

Any interest that has accrued since your last payment will also need to be paid off. The payoff statement will tell you the exact amount of your accrued interest.

How to get a payoff statement

To get a payoff statement, you can either download the statement from your lender’s online portal or call your lender to request a copy. It’s also a good idea to keep a copy of your payoff statement in case you need to verify any of the information later.

Read More: How to Find Your Student Loan Balance

Here’s how to find your payoff statement for federal student loans, as well as from several private student loan lenders:

Federal student loans

Your loan servicer will provide your payoff statement upon request. You will need to either navigate to your loan servicer’s website or call them directly to request the statement.

See Also: Should I Refinance My Federal Student Loans?

Ascent

Call Ascent at 877-209-5297 anytime between 7 a.m. and 7 p.m. (CT) Monday through Friday to request your payoff amount.

Brazos

Brazos student loans are serviced by one of four loan servicers: American Education Services (AES), Firstmark, Navient, and Nelnet. You can check your most recent statement to verify which one services your loans or call Brazos at 1-800-453-0841 for help identifying your loan service.

To get your current payoff amount for your Brazos loan, here’s how to contact each of these four loan servicers:

Citizens

Citizens Bank student loans are serviced by Firstmark, which offers two ways of verifying your payoff amount:

• Online: Log in to your account. You will find the payoff amount listed under Current Balance in your Account Details, or under Loan Details.
• By phone: Call 888-538-7378 Monday through Friday, 7 a.m. to 8 p.m. (CT)

College Ave

There are three ways to check your College Ave payoff amount:

• Mobile app: From the app, go to Home, then Loan Details to see your payoff amount.
• Online: When you log into the College Ave website, the Current Balance listed on your Home screen is your payoff amount.
• By phone: Call 844-803-0736 Monday through Friday, 9 a.m. to 9 p.m. (ET)

CommonBond

CommonBond student loans are serviced by Firstmark, which offers two ways of verifying your payoff amount:

• Online: Log in to your account. You will find the payoff amount listed under Current Balance in your Account Details, or under Loan Details.
• By phone: Call 844-318-0166 Monday through Friday, 7 a.m. to 8 p.m. (CT)

EDvestinU

EDvestinU student loans are serviced by Granite State Management & Resources, which offers two ways to verify your payoff amount:

• Online: Log in to your account and navigate to Manage My Account. You can find your payoff amount listed there and can also download a payoff statement.
• By phone: Call 800-719-0708 Monday through Thursday, 8 a.m. to 8 p.m. ET, Friday 8 a.m. to 6 p.m. ET.

ELFI

ELFI student loans are serviced by AES, which offers two ways of verifying your payoff amount:

• Online: Log into your account to find out your payoff amount. Select Payments & Billing on the left side of the screen, then select Loan Payoff.
• By phone: Call 1-800-233-0557 Monday through Friday, 7:30 a.m. to 9 p.m. (ET).

MEFA

MEFA student loans are serviced by AES, which offers two ways of verifying your payoff amount:

• Online: Sign in to your online account and click “Loan Payoff” under Payments & Billing.
• By phone: Call 1-800-233-0557 Monday through Friday, 7:30 a.m. to 9 p.m. (ET).

ISL Education Lending

To request a payoff statement from ISL Education Lending, call 844-268-2203 Monday through Thursday 8 a.m. to 6 p.m. (CT), Friday 8 a.m. to 4:30 p.m. (CT).

INvestEd

INvestED student loans are serviced by AES, which offers two ways of verifying your payoff amount:

• Online: Sign in to your online account and click Loan Payoff under Payments and Billing.
• By phone: Call 1-800-233-0557 Monday through Friday, 7:30 a.m. to 9 p.m. (ET).

LendKey

You can contact LendKey’s loan servicing department by phone at 888-966-9268 or via email at [email protected].

RISLA

Contact RISLA by phone at 800-758-7562 or via email at [email protected] to determine your payoff amount.

Sallie Mae

Sallie Mae offers three ways to verify your payoff amount:

• Online: Log in to your Sallie Mae account and navigate to the Make a Payment page. Your payoff amount will be listed there.
• Mobile app: From the Sallie Mae mobile app, you can reach the Make a Payment page that lists your payoff amount.
• By phone: Call the automated phone system at 800-472-5543, which is available 24/7.

Nelnet

Your Nelnet payoff amount is listed each month on your statement. Nelnet also offers two additional ways to verify your payoff amount:

• Online: Sign in to your Nelnet account and select Make a Payment. Then select Payoff Quote.
• By phone: Call the automated phone system at 888-486-4722, which is available 24/7.

Why you should pay off your student loans

If you have the financial means to pay off your student loans with a single payment, it can offer your finances a major boost. There are several major benefits to paying off your student loans early:

• Saving money on interest
• Freeing up money in your monthly budget
• Lowering your debt-to-income ratio

If you’re carrying multiple loans, it can be difficult to determine which to pay off first. If you prioritize the loan with the highest interest rate, that will save you money over the course of your debt payoff journey. But if you start with the loan with the lowest balance first, that could give you the psychological boost you need to keep going. It may also be easier to afford the payoff amount for your lowest balance loan.

No matter which method you choose, paying off your student loan debt can help your bottom line.

Eric Rosenberg has contributed to the reporting of this article.

About the author

Emily Guy Birken

Emily Guy Birken is a Credible authority on student loans and personal finance. Her work has been featured by Forbes, Kiplinger’s, Huffington Post, MSN Money, and The Washington Post online.

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