Student Loan Payment Score Change Question

[Creditswooner]

Hello!

Okay so in the past year my score has increased DRAMATICALLY and I'm soooo happy! Now I have a question about potential point loss as a result of paying off a loan. Here it goes:

So last year my dad co-signed a private student loan for me and I agreed that I would pay him back by Oct 31 of this year. The loan balance right now is around $8,500, and I have no problem paying it back, I'm just wondering if I'll take a score hit as a result? For context, it's not my only student loan, I have several other student loans and am still in school. So, I would imagine paying it off in full would beneficial and possibly give me a bit of a score boost, however with FICO scoring I'm not sure if I'll lose points as a result of paying off the loan early (as it technically isn't due to be paid until like 2030). 
Just a side note, I understand that I could just wait since I'm still in school and payments aren't technically due, however my dad co-signed for the loan and I really would rather just keep my word to him and pay it off. So, my question is, will I lose points as a result of paying it all in one lump sum? Or will I be okay since I still have other student loans? Ill include some details about the other loans and the private loan below. 

Private loan (that I'm paying in full/one lump sum at the end of this month): balance:$8,319, original loan amount: 7,000

original due date: Defered until 2027

loan due by: 2030 or 2031 (I can't find the exact year it's due right now)

Other Student loans: ~$46,000 (around this amount of other student loans will still be remaining once I pay the private loan off. All of these loans are currently also in deferment since I'm still in school)

credit utilization: 2% total across all bureaus

I have no other loans other than these student loans (so no mortgage, private or auto loans). 

Scores:

TransUnion: 704

EQ: 679

EX: 676

Baddies:

I have 2 charge offs paid in full (one credit card and one loan)

I have a few 30 and 60 day lates

Inquiries: 4 still scoreable, all only on EX credit report, 3 of which will be unscorable next month. 

[GZG]

you're 100% good to pay off the loan

considering you have other loans at ~100% not being paid back, you're good to pay off that one loan that is cosigned if you wish to do so. You might get a small score drop, but it's within the general range of where you score can be given the derogatories.

the other loans aren't cosigned as well, are they?

[Creditswooner]

@GZG 
So I will see a score drop for sure? Is there a chance that I may see an increase since I will still have several studen loans open? Or is that not how it works?

And that is correct, none of the other loans have a co-signer. 

[GZG]

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@Creditswooner wrote:

@GZG 
So I will see a score drop for sure? Is there a chance that I may see an increase since I will still have several studen loans open? Or is that not how it works?

And that is correct, none of the other loans have a co-signer. 

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so the number of accounts with a balance will go down (good for score), but the aggregate loan percentage across all of your loans will go up (bad for score)

given the rest of the profile, the score loss or raise will likely be negligible and I wouldn't consider that as a factor as to if you want to pay it off or not IMO

making sure you're AZEO is probably worth many more points than paying off this loan is worth positive or negative

[Creditswooner]

@GZG 

Thanks!!!! 
Okay just for clarification, by aggregate loan percentage do you mean the total amount of money that I owe in loans (my total loan balance that includes accrued interest) compared to the starting total starting balance of all of the loans? 
If so, then wouldn't this help me, since the starting balance of the loan was $7,000 and the current balance with interest is now $8,319? Or am I thinking about this the wrong way?

And yes! I definitely try to keep my utilization 0 accross my cards except one, so my utilization is at 2% right now!