Yes! Your college will provide you with a financial aid award letter, detailing your aid package, with the type (grant, scholarship, work-study, or loan) and amount of each listed out. This package is an offer; you can decide to accept some or all of it. Usually, your award letter will include instruction on how to accept or decline the different types of financial aid. If not (or if you still have questions), you can speak to your college’ financial aid office.
In practice, the most likely type of financial aid that families might choose to decline are Parent PLUS or Grad PLUS loans. There are multiple types of federal student loans, and PLUS loans are the “worst” type of federal loan because they are meant to have terms in line with the private market. This means that if you or your parents have better than average credit, you may be able to find a loan with better terms from a private loan company. (The other types of government loans--Direct subsidized/unsubsidized--are, however, better than private loans.) If you want more info on how student loans work, here's a blog post we wrote.