If you have received scholarships or grants then by all means accept the free money. However if you have received a loan offer for more than you think you'll need, you are wise to question them. Keep in mind that loans will gain interest, so whatever amount you borrow now will only grow into future debt. You can absolutely accept only part of what is offered. So, for instance, if your financial aid package has a loan that factors in room and board, and you think you'll save money by living off campus, cut this portion out of your full loan amount, and only accept what's left.