Financial aid? Direct unsubsidized loan?

You will need to talk to your school's financial aid office for more clarification, but I think since you already accepted it, it might be too late to change it. It is a loan and you will have to pay it back eventually, either starting 6 months after you graduate with the degree or if you drop below half-time enrollment status in a semester.

But like I said, go talk to your school's financial aid office.

If you keep the money, then you have to pay it back. However, if you don't need it and don't want to borrow it, you can ask your school to reduce the amount of your loan. Even if the money has already been disbursed, you can ask the school to return the funds, as long as it's within 30 days of their being disbursed.

Yes

http://www.educationgrants.info/