This. If you're a student with $400 in your bank account you have no business being leveraged in anything with risk.
Taking out the loan was a good idea. It won't accrue interest till you graduate so there is no reason why you can't throw it in a CD, t-bill, or t-note and make a little interest. Just make sure you pay it back in full before you owe any interest. Plus, it will look really good on your credit report when you finish up.