I have gotten a little more money than I will initially need for school, however I know that at some point this semester I would use it for a) rent, books, c) school supplies (laptop, software for school, etc)

is that acceptable or should I send the extra back?

As one who is living in the debters hell of major student loans (at one time $45K+), I would encourage you to take out as few loans as possible--only enough to cover tuition/books if needed, and then find a part time job to pay rent and other bills. When you take all the loans they offer, you quickly find that "luxuries" soon become "necessities" if you have access to the money. Try your best to pay-as-you-go, so you don't end up on the 30-year repayment plan like me!

It is okay to keep the extra and use it for any of the things on your list. But, I definitely want to strongly second nibanike's advice. I'm going to have these things paid off sometime around when I qualify for my first Social Security check, so really think about repayment before you take out your loans. Of course, if you need the money (and, again, be really strict on your definition of "need"!), don't feel like you can't use it because that's what it's there for. Just be sure you really need it before you take it.

Good luck!!