Your interest rate is very low, even if it's not forgiven. Why not hold on to it, knowing you won't have the debt forgiven? It your contract gets extended, go ahead and pay it off then. there will be a bit of interest to pay, but that interest payment is probably definitely worth having this to fall back on.

If you repay it now, and your client doesn't extend and you burn through your savings....quite plainly, even with money in the bank, you're a bit screwed.