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How to get your 10-day payoff letter You鈥檒l need torequest a 10-day payoff letter from your current loan servicer, which you may be able to do online. Not all lenders offer an online request option, however, so you may need to call or email your loan servicer directly to get this information.
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What is the 10-day payoff on a loan?
Getting the correct 10-day payoff information before the clock is ticking is crucial. The amount due in your 10-day payoff is the current loan amount from your old servicer鈥攖hat includes the principal and interest accrued up until today鈥?plus interest that accrues over the next 10 days.
Why do you need a 10-day payoff letter when refinancing?
You need to make sure that your old loan is paid off in full 鈥?and since interest accrues every day, that can be more complicated than it seems. Your 10-day payoff letter is crucial to ensuring that your new lender sends the correct amount of money so there is no outstanding loan balance left over at the end of your refinance process.
How do I request a 10-day payoff for my student loans?
Most student loan lenders allow you to request a 10-day payoff by signing in to your online account. However, not all do, so you may need to call or email your loan servicer.
How do I Find my 10-day payoff amount?
You can find your 10-day payoff amount by logging in to your account, selecting 鈥淧ayoff Calculator鈥?under 鈥淧ayment Assistance.鈥?Choose 鈥渕ail鈥?for your payoff method, and set a payoff date 10 days in the future.