When you get your financial award notice or summary each year, review it carefully. If you’re offered loans, decide whether you want to accept the full amount, reduce the amount you’re borrowing, or decline your loans completely. (You don’t need to accept grants or scholarships—you’ll get those automatically.)

Be sure to manage your financial aid closely, and keep in mind that the decisions you make—such as a change in course load, degree plan, or school—may affect your grants and loans.