What is a payoff statement? How do I get one?

What is a payoff statement? How do I get one?

Laurel Road requires a 30-day payoff statement to finalize your loan offer so that we can pay off your current lender(s) in order to become your new lender. A payoff statement is a document from your current lender that considers future dated interest and tells us exactly how much we need to pay them in order to bring your balance with them down to $0. This is different from the monthly statement you receive and is typically generated when the borrower requests it from the lender either online or by phone. Here is some of the information you can find in a payoff statement: Principal balance: This is the amount you owe without any new interest that may be accrued. The principal is based on your original borrowing amount plus any compounded interest. Accrued interest: This is the amount of interest that has accrued since your last payment and is included in the total payoff amount. Payoff amount: This is the amount required to pay off the loan in full, which includes the total principal balance plus any accrued, unpaid interest through the payoff date. This is the amount you need to pay off your current lender. Good-until date: Loan interest accrues regularly, so a payoff statement won't be accurate past the noted date. After this date, your payoff balance will change. Payoff statements or payoff information can usually be found within your online account with the lender, or you can simply call them to request a copy. We recommend keeping a copy of the payoff statement you receive just in case you need to verify any of the information later. If you are having trouble obtaining a payoff statement within your online account, please call your current lender directly for more information. The lender list below may not be a complete list of all student loan lenders and the contact information provided is subject to change.

American Education Services (AES)

1-800-233-0557

Aspire Servicing Center

1-800-243-7552

Cornerstone

1-800-663-1662

DSF/EdFinancial Services

1-855-337-6884

ESCI

1-888-549-3274

FedLoan Servicing (PHEAA)

1-800-699-2908

Firstmark Services (FMARK)

1-888-538-7378

Granite State (GSMR)

FFELP & Private Loans: 1-800-719-0708 Direct Loans: 1-888-556-0022

Great Lakes Education Loan Resources

1-800-236-4300

Higher Education Student Assistance Authority (HESAA)

1-609-584-4480

Kentucky Higher Education Student Loans Corporation (KSLC)

1-800-693-8220

Missouri Higher Education Loan Authority (MOHELA)

1-888-866-4352

National Education Servicing (NES)

1-800-345-4325

Navient

FFELP and HEAL Loans: 1-877-713-3833 U.S. Department of Education Student Loans: 1-800-722-1300 Private Loans: 1-888-272-5543

Nelnet

1-888-486-4722

Sallie Mae

1-800-472-5543

South Carolina Student Loan (SCSL)

1-800-347-2752

Tru Student

1-866-869-1592

University Accounting Services (UAS)

1-800-999-6227

Utah Higher Education Assistance Authority (UHEAA)

1-877-336-7378

VSAC Federal Loans

1-888-932-5626

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