If it's a government college loan, the interest rate is like 5%, and mutual funds are giving more than that right now...so technicallly speaking...I don't know how quick I'd say that
Paying off a 5% interest debt gives a guaranteed return.
Sounds like you're the perfect candidate for the next Bernie Madoff... he guaranteed future returns of >10% on his mutual funds :-)
That said, a (heavily conditioned) case can be made for investing before paying off loans, as I did in my original comment for this thread.)