I accepted all of the loans offered to me.  My budget's adding up so I'll probably need it all, but even if I don't, it's nice to have it in reserve for emergency.  Yes we do accumulate interest and have to pay interest, but remember it's a tax write-off.  I did my entrance counseling and signed two master promissory notes (kinda sounds paradoxical doesn't it?).  One last thing to take care of: deferment of undergraduate loans.  I know that Perkins does this national sweep where if they find your name as an enrolled graduate student, they'll automatically defer your loans, but I don't think Direct Loans does it.  I think I have to print out the forms, get a registrar to sign off, then mail it to Direct Loans.  Anyone know if Direct Loans will automatically defer if they find your name in the sweep?