<prompt> Human: I just started grad school so I could change fields and my offered aid is a bit higher than what I will probably need so I thought I might take the full loan amount which tends to have low interest and invest whats left over in a cheap index fund.Has anyone done this? Im somewhat concerned about the legality of this, or of other pitfalls I might run into. Does anyone have advice for me?Edit: Okay, I can tell this is a hot button issue for some people here. I guess if Reddit says dont invest on margin effectively then I wont do it.  <response>: You dont invest borrowed money. 