is it better to pay extra on school loans or put money in stocks now that they are cheap?

If this truly is 'extra money', and you already have a safety bucket to last you a few months minimum, then investing with the expectation of >4% return over the next ten years is a decent option. Of course, it is a gamble, but it's one which market histories say is a good one to take. In the end, it comes down to how risk adverse you are and your educated feeling on how much the economy is in trouble long term from this mess we're in. Either way, I've never invest in "a stock". Always make sure you are properly diversified. Always use dollar cost averaging when buying.