That sounds like a good plan to me. I think I would put the rest of it into the stock market so that it could grow a lot over the next few years. Where would you go on trips to?
I'm not sure if this chat box is working But if it's just a million dollars for fun that's different.  I'd probably spend it traveling the world, not caring about how expensive the trips got A million dollars?  I'd probably pay off student loans, then put the rest in savings.