Are the student loans variable or fixed interest rates? If they are variable, then now might be a great time to pay them down. Interest rates are low and expected to rise over the next few years.
Other options, I-bonds, index funds, home efficiency improvements (attic insulation, energy-efficient water heater/furnace/refrigerator, professional window/door sealing, and pipe insulation all can have better returns than the stock market. Even solar can come out ahead depending on the tax credits), taxable play-money investing account if you want to try that, new extremely comfortable bed/pillows and extra nice sheets (improvements in sleep are generally one of the few areas where money can directly buy happiness).