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I am considering taking the federal direct $20,500 (unsubsidized) loan for the 2015-2016 school year, which has been approved by the government and my law school. If I accept it, when does it disburse, and when does it begin to accrue interest? Specifically, may I choose to accept it months after the semester starts, say in April, to reduce interest?

Interest starts to add up the second the money is sent to your school. The only way to reduce interest would be to wait to apply for the loan until later in the semester, but taking out money as needed can result in delays that do more harm than the interest reduction does good.