A billionaire offers you $1,000. You can keep it, but you must donate half. What do you do with the rest?

This question was posed to the graduating class of Dartmouth University in Massachusetts last weekend when approximately 1,000 students each received a $1,000 check as part of a surprise gift from billionaire speaker Rob Hale Jr., according to a report by The Wall Street Journal.

Granite Telecommunications CEO Rob Hale Jr. told the Class of 2024 that they could use half of the money as they wished, but the other half had to be donated to a "worthy cause." Some plan to pay off student loans, make small investments, fund trips, or cover everyday expenses.

Regarding the charitable half, graduates say the decision is more challenging because they need to consider where the need is greatest and where the funds will be best utilized. "Some of these kids might not have discretionary resources to donate yet," Hale said. "But if we can help them understand how important it is and how it can make them happy, then maybe it will become a way of life for them."

Starting charity early in life increases the likelihood of it becoming a habit. Research from Princeton University suggests that the earlier in life people begin donating to charities, the more likely it is to become a habit.

John Goncalves, 21, told the WSJ he would use the initial $500 to cover most of his moving expenses as he prepares to start a doctoral program in the fall. He plans to split the other half between two local food banks. "I just thought it might be better to keep the money in my community," he said.

Jenna Correia, 22, worked two jobs throughout her studies to make ends meet. Until now, she hadn't been able to regularly support a charitable organization. After receiving the gift, Correia felt compelled to quickly decide which charity to donate to. Animal shelters, GoFundMe accounts, and food banks are among the most popular choices for graduates.