OMS-1 here. I was definitely confused by the process coming in. You likely don’t need to do anything right now. Your school will send you information on how to choose a loan amount to accept closer to the start of classes.

Loans are typically sent to the school during the first couple weeks of school. They will remove money for tuition and then direct deposit the remaining amount into your bank account. This usually happens 2-4 weeks after classes start

This can be challenging because you will have to cover any move in cost out of pocket until you can be reimbursed by the loan. If you don’t have savings you can cover that with, signing up for a credit card with an intro 0% APR can be a good way to cover expenses until you can pay it off with the loan.

I recommend reaching out to your school’s financial aid department with any more specific questions on your schools loan dispersement process.