Everyone is well aware that both the US and global economy have become very weak. If you are not one to read further into the current crisis (and believe me the word “crisis” is warranted) then let me just tell you that money will be much harder to come by and many will lose their employment. By many I mean that you will almost certainly know of someone that will be layed off during severe economic contraction.
The degree of harm in the current economy is so severe that you may even find that educational lending institutions will be more selective into who they lend to. Read: they may stop lending. Beyond any traditional concept you may have of the people that loan you money for college, remember that they are still a lending institution with rational thoughts. That is, if a lender suspects there is a high probability that it may not be able to recover a loan, it will not lend the money.
Thus, given our financial climate I suggest you borrow to your full capacity on your next application as you may find future funds unavailable or at an exhoribitant interest rate (this would act as some sort of a hedge for the lender). If you know you will need to borrow again in the future, I highly recommend you take this action. Money is and will be much harder to come by. Having a holdover of student loan cash this semester will better enable to continue your education next semester and the semester after that.
Stay prudent and efficient with your spending and continue to work vigorously to climb ahead.