If you were comfortable, before the inheritance, with the debt you would have after school and grad school then that is your basis. Forget screwing around with the $50K and trying to figure out the school finances, 529 plans, etc.
Put the $50K to work for you for your future. You are young, you now have this ONE chance to set yourself up to be a millionaire by the time you are 50. Don't blow it.
Invest the money in a Vanguard S&P 500 type fund, as Old Guy suggests, and forget about it.
Good Luck!, You have a fantastic opportunity, make it work for you.