I am currently in graduate school with a fellowship that pays for my courses. I received a Grad PLUS check in the mail for about $7,000, which I applied for before I received the fellowship, which I am now not planning on using. However, a thought popped in my head which might be completely idiotic. My wife owes about $9,000 to Sallie Mae. Does it makes sense to use that $7,000 to pay off the majority of the Sallie Mae loans? I feel like it does… it’s a better interest rate, and I can roll it into my PSLF Consolidation.

Does this make financial sense?
And am I missing something (besides this being technically illegal)?

Thanks!