The paper work was submitted just a few days ago, and I received my check today. A nice whopping check for $500.
Here is the plan. I will be depositing $250 into ING, and use the balance on making extra payments on the student loans for this month.
This will bring me closer to my goal for the mini emergency fund which is $1,000. Once I achieve this goal I will reduce the amount I am direct depositing into savings, so that I can focus more on bringing down my credit card debt.