Yes, he can borrow $5500 unsub…interest begins right away.
As for his list and thinking that he’ll get merit based on his grades…
Merit is typically FIRST based on test scores. GPA is secondary. there is a huge pool of kids with high GPAs. It’s getting students with high test scores that help a school’s profile…so that’s what they usually pay for.
At least warn your son of those aspects so that he might consider adding more schools to his list. I hate to see a kid end up with only one choice in the spring. It can make them feel railroaded and not having a choice. Bad for morale.