Plan to reapply. Your award letter spells out your offer for the upcoming school year only. You'll have to reapply every following year, and the terms of your award will change. It's not all or nothing. You can decline any part of your financial aid package, but if you do decline parts of your award package, you'll have to find alternate means to cover that additional cost.
Many states offer grants to students who attend in-state colleges and universities.
With work-study, you earn your financial aid by working on campus. Terms, interest rates and repayment policies vary. Comparing Financial Aid Award Offers from Different Schools Compare like terms. Pay attention to the real bottom line. Don't assume the school that has the lowest cost of attendance will be the most affordable.