You have some money. It doesn't matter where it came from, it's just a number in your checking account like any other amount. The only question is what you want to use it for.
Will it be used for any expenses over the next few years? If so, use a short term account like a HYSA or CD. Otherwise, allocate it based on your personal investment statement (if you're like many here, that will mean some mix of stocks and bonds).
It's tempting to save it to pay your loans back when they start to accrue interest, but only if it's going to end up being ~5%+. Otherwise it's better to invest and make small payments on the debt.