The only problem I would see what that plan is if you would have problems with the loan people continuing to see that you are in deferment and they would make you pay a set amount in monthly payments. Since I didn't try to pay any of my loans at all now, I don't know how that would work, so if I were you I'd try to contact the loan company and see what their policy is about paying periodically while still in deferment without having any early prepayment charges or forced monthly payments. If that's not a problem, you could make a big payment when you get the subsidized loans and forgo interest on whatever amount you paid, but you don't want to get into a forced monthly payment if you end up needing the money for some reason.
Numbers I saw from our budget
Rent/Utilities: 850/month
Food: 350/month
Transportation: 110/month
Personal Expenses: 140/month
They assume that you are on a 10 month term so multiply all those by 10 to get the number of those expenses for the year. You can look at apartments on craigslist to get an idea of cost for rent. Comcast internet and *real* cable is ~100/month and electric is ~30/month if you average it over the year (at least for me). They are assuming sharing a 2br for that so if you live alone, your rent/utilities will be higher. The food budget is high (do you really spend >$80 a week at the grocery store to feed one person?). The bus is included in fees so your transportation cost will pretty much just be car insurance and a tank of gas a month unless you live further away from school than the major areas and need to drive and park. If you'll still have your parents' health insurance, you can take out ~2700 from the yearly budget since you won't purchase the health insurance here.
I think that's the big things with the budget that can be adjusted from the amount that you have been given as the big bill. The biggest adjustment will be once you get an apartment and figure out the rent, but you can always get an idea online if you need that.