Did the OP clarify why it was a bad thing? Maybe thinking they would get aid for college and he would have this left over to start his life? The OP I guess can go to a lower priced option maybe even community College then have this for the junior and senior year to sorta guarantee he gets 4 years of college in.
I would still speak to an advisor. Many families that are not used to having this much money around tend not to do prudent things with it.