Accepting loans before hearing about scholarships?

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Hi! I was accepted at my top choice with ~75% tuition scholarship (tried negotiating, no change). I have accepted the $20,500 Federal Direct Unsubsidized Loan in order to cover the remaining tuition. To cover the remaining cost of attendance, the school has offered ~$40K in a Grad PLUS Loan (I am assuming I am eligible for the full amount because I have a good, long credit history, but the application doesn't actually open until June/July).

Here's where I'm running into trouble. I do not need the full $40K and did not plan to accept the whole thing. I have also applied for numerous outside scholarships, which have the potential to make a big dent in my COA need - but I haven't heard back yet. However, the school requested that I respond to their financial aid offer by the end of the month.

Will I be able to make changes to the Grad PLUS Loan amount later? I am really scared to take on all this debt and applied for scholarships to minimize it! Should I accept the whole thing? Accept the amount I anticipate needing? Thank you so much for your help!

Prudenter Discere

Generally, you can request the specific amount you want from Direct Plus Loan. If they end up giving you more, you can return it, but you would have paid a bigger amount on the loan origination fee. In the past, I've taken less without any issue, and then requested more if I needed it. Talk to financial aid office, they will give you better guidance.