… 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 … until your MPN has been signed/e-signed and approved by the U.S. Department of Education. Students can complete their MPN online at the Federal Student Aid Student Aid website . Mandatory Loan Counseling … Entrance Loan Counseling for … 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 …