Should I Take a Student Loan and Invest?

I'm a college student and part-time fast food worker in New Zealand, where student loans are interest-free if you stay in the country. So far, I've been paying tuition out of pocket, but now, halfway through my studies, I'm considering taking out a student loan to cover the rest. This would free up my savings for personal purchases (car, better laptop, etc.).

Additionally, I’m thinking of taking the added student loan living costs ($170 USD/week) and investing it entirely in the S&P 500 or maybe a high yield savings account. Is this a smart move, or am I overlooking any significant risks?