This is the regular grad student loan, I think the interest rate is 4%-ish ? There is a graduate student PLUS loan that you are offered that helps with the remainder of tuition as well as living expenses; I think the amount offered in the student plus loan is dependent on your institution/what the cost of tuition is, but i'm not positive. The student plus loan, however, has a slightly higher interest rate (I think about 6-7%). All of these graduate student loans do accrue interest from the point of disbursement, just something to keep in mind. Everyone gets the money, though, so I wouldn't even stress about this at this point - people filled it out a couple of weeks prior to school starting and still got the money with no problems.
Hope this helps some -- just something you don't need to stress about in the grand scheme of things at this point.