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[quote]
The IRA thing is interesting though... but would I be able to have immediate access to it?
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That in turn is an interesting question. You can take funds out of IRA anytime, even right after depositing I suppose. The consequences are: 1. those funds are considered income in the year you take them out, 2. you have to pay a 10% penalty in addition, to the IRS with the tax return the year you take them out, and 3. you won't qualify for the simplified needs test on the next year's FAFSA because you will have to file a 1040 (due to the tax on the IRA funds and the penalty).</p>