That's where the end of the cable is, but there's no rule that that's where anyone has to get off the elevator.
For efficiency you'd want to go higher. There'd be a point much higher than 300 km where detethering would put you into a highly elliptical orbit where the periapsis is 300 km. Then you'd just have to burn retrograde to circularize. Off hand I'm not sure what the math for that would be but it should be pretty simple algebra.