Does Paid Off Debt In Collections Still Affect Credit History

Question: im about to clean up and pay off $20k credit card debts that has already been sent to collections…unfortunately due to my husband’s irresponsibility.

How will this affect my credit score even after Ive paid everything off? It’s been in collections now for two years. *tears

Also, Im trying to apply for a student loan for a masters degree. Will this paid off debt affect my being able to secure a student loan? Can anyone speak into this?

Whats the benefit of immediately paying off debt in collections if it may stain credit history for 7 years regardless??