Okay so I am currently a student at one state university but earlier this semester I decided I was going to transfer so I applied got accepted, paid my acceptance fee and accepted the financial aid. I have recently decided I will be staying at my college here and not transferring so is that okay that I paid my acceptance fee and accepted the fin aid offer but will not be attending?
Yes, although you will lose the deposit.
Contact them immediately. You might get some of the deposit back. This varies by college.
You may have to speak to your current college and redo paperwork to make sure loans and federal aid (if you qualify) goes to the right school.
Just to be clear, contact the school and make sure that you follow whatever process they have for cancelling your enrollment. Do not assume you can just not show up and everything will be done automatically. Try to get something in writing confirming you are cancelling enrollment and that any FA was cancelled. Keep records just in case.