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gwern comments on Open Thread, June 2-15, 2013 - Less Wrong
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Hm, is it really? If you're paying back your loans early, couldn't you then, in case of need, cease paying for a time equivalent to how much you paid and then resume paying? You'd just be right back on schedule.
It depends on the terms of the loan. Some loans may allow you to skip payments if you're ahead. Most I've seen don't though. But either way, if you need $5000 cash right now because your significant other ran their car into someone's living room and you need to pay bail and a lawyer, or the levees are collapsing and you have to split town, you can't get the $5000 back from an early repaid loan.
Your loan may vary. For me, all it does is give me a few extra dollars a month.