You can cancel all or a portion of a loan.

Before Your Loan Is Disbursed
Before your loan is disbursed, you can cancel all or part of the loan at any time by notifying the Financial Aid Office.  

After Your Loan Is Disbursed
After your loan is disbursed, you can cancel all or part of it by signing a revised financial aid offer indicating your decline or reduction of loan programs.  This request needs to be made prior to the end of the enrollment period. You won’t be charged interest or fees on any portion of a loan that’s cancelled within 120 days of the disbursement date.

You have the right to turn down a loan or to request a lower loan amount. If you accept less than the full amount of the loan you’re offered, you can increase the amount (up to the offered amount) later on.

Direct loan borrowers can review all income based repayment options that are currently available on their Direct Loans.

Find out what your options are in the event you have defaulted on your federal student loan.

This link will bring you to the Federal Loan Deferment Request forms and more.