… Financial Aid Programs … Federal Pell Grant … The Federal Pell Grant provides gift aid assistance to undergraduates who have not yet earned a baccalaureate or first professional degree and who demonstrate financial need. Awards are based on your … federal student loan. Loans are serious legal obligations. They must be repaid. You are obligated to repay the principal plus interest. We urge all first-time borrowers to spend time learning about the loan process and their responsibilities so … 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 …