I'm no financial expert, but I'd pay off all non-interest free loans that you might have (Student loans, credit cards etc). Keep it cash so you don't have to get into any more debt while in college. And then use whatever you have left to kickstart whatever career you want to get into after college. 40k is not a crazy amount but it gives you the advantage of freedom. Maybe it can allow you to live in NYC for a couple months while you look for a good job there. Maybe you can accept a not so well paid internship with big potential down the line. Maybe you're just not that desperate for that job so you're not scared to stand your ground and negotiate a better salary from the start. Maybe you're not out of a job when your car breaks down because you can just repair it/buy a new one.

I feel like having that financial security right now can translate into more benefits for you down the line, than having a couple thousands in a retirement fund or whatever.

Also, that's just me but I'd take like 5k and go on a 3 month trip somewhere very different. Being responsible and all is great, but enjoying yourself is also important. And traveling can broaden your horizons, put things into perspective and teach you a lot of things you wouldn't get from school. It's a good investment in oneself :)