Blow it on normal student things like beer, dope and women.
Just kidding, but I personally would have a great time in College and buy a $1000 or $2000 bass after you get a few paychecks once you start your career.
I have had dozens of $2000-6000 basses and they are not a necessity for school. But it's your $$$ in any case.
A great giggable American Fender or Gibson (as examples) can be bought in the $600-700 range used. A nice Mexican Fender can be found for around $300. Nothing wrong with playing something like that for a couple of years.