No penalty for completing the forms now and not taking the loan until spring. Most schools require you to take the loan at least 2 weeks before the end of the semester, so calendar it for Easter. IMO, it’s easier for a student to do the counseling form and the MPN now as it is one less thing to do during the school year.
If he doesn’t take the $5500 during the first year, he can’t take it later. The total over 4 years is $27k. but has to be taken during the year for that amount ($5500, $6500 etc) If he takes it freshman year and doesn’t need it, just put it in a savings account and he won’t have to include it as ‘student savings’ on the next FAFSA.