… and demonstrate financial need according to the federal formula in order to be eligible for subsidized direct loans. Under this program: The federal government will pay the interest on behalf of qualified borrowers for as long as the borrower is … your award will be held in reserve for up to three years until you transfer to a bachelor’s degree program. Cal Grant B Provides subsistence payments for new recipients in the amount of $1,648 for a full-time, full year award. Payments are … provided to a student who has been awarded a Cal Grant. Awards may be used for tuition and fees, books, supplies, and living expenses. For more information and to obtain an application: Go to California Student Aid Commission Programs …