Is it possible to decline Fafsa after the application has been processed? (Community College)

I am an Engineering student going into my fourth year at a Community College to finish my pre-requisites. I applied for financial aid every year, including the next one, but now I do not want to take the risk of taking more than 2 years to finish after I transfer and not having aid. I was wondering if there is a way to decline the reward and pay for the classes myself for the upcoming year so that the pell grant award will not get exhausted. I can’t really find much about this on this online and would appreciate some information. Thank you very much!

Contact your school’s financial aid office. If the program at your school is two years, you may be limited to 3 years of Federal Financial Aid.

See http://www.niagaracc.suny.edu/fin-aid/eligibility.php