Can I Deposit Left Over Student Loan Money Into A Cd Account To Pay Off Future Debt?

It has been my dream to go to law school and become a public defender/use my law degree for public service.
I currently have $90K in student loan debt from undergrad (federal student loans, repayment under income based repayment, which is 15% of income above poverty level). I am thinking about attending a local, very inexpensive law school and living at home with my parents for the duration. I would be eligible to take out $75K total in federal loans for law school, though only need less than 50% for total tuition; I would have $40K in cash upon graduating law school from unused federal student loans.
Instead of declining this loan award, I am wondering if it is possible to deposit the $40K into a 10-year CD account. Coincidentally, after ten years of working in public service, I would be eligible to have the remainder of the original loan, (original total is $165K, from undergrad and law school, before going into repayment) forgiven, under Public Service Loan Forgiveness after making the minimum payments for ten years (based on public defender salaries, I would pay approximately $65K over ten years into the loan – which, after the tenth year, the remainder is forgiven.
For practical purposes, assume the $40K of unused cash award in the CD grows to $65K over the ten year period, which I can then use to compensate for the $65K I paid over ten years for the income-based repayment. Ignoring interest and inflation, could I potentially break even after 10 years? Is this ethical?