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My father recently transferred two of his CD's, one to my sister and the other one to me. The CD is for $20K and I am thinking of using it to help pay for my kids college. Our oldest son is a junior in high school this year and the CD should mature before he graduates.
So, should I just leave the money in the CD and draw from it as needed? Is there any penalty? What would be the best thing to do with the CD if my intention is paying for College?

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