The most important thing to remember when reviewing your financial award letter is that it's not an all-or-nothing package. You don't have to accept all of the grants, loans, or other awards offered to you. Which Financial Aid Should I Accept? ... Federal student loans are the next best option if you have to borrow money.

Should I accept all financial aid?

Although it can be tempting to accept all the loan money offered in a school's financial aid offer, experts say students should only take what they actually need for tuition, fees and living expenses.

Can you accept more financial aid than you need?

Period. It isn't uncommon for a student to receive a financial aid package that includes a lot more money than you need to pay for college. Though it's true that you can accept all of this money and use it to pay for other education-related expenses (like textbooks, a new laptop, educational supplies, etc.)