Clark Howard (if you know who he is) did a study and found that if invested in 12 month CDs, the extra funds from the average Pell Grant would pay for an average of 50% of most outstanding student loans in 4-5 years. Basically, he said to make that money work for you and pay off half your debt when you graduate.

Not sure about the specifics, just heard it on the radio a while back.

<end of unsolicited advice>