Personally, I'd hang onto it in something safe enough for a timeline of a year or two (so HYSA or maybe I-bonds). The student loan forgiveness has gotten a few setbacks, and things are dragging out. There's even a chance that it might get killed altogether. My crystal ball is on the fritz, so I couldn't say how high that chance is, but that possibility is worth keeping in mind. Keeping this earmarked to get put back towards your loan could be your safest bet.