Some things that I forgot:
To put Cal Grant B on hold, you must go to their website and submit a leave of absence. You could probably call in as well. You may need to fill out a decline of aid form, talk to your Financial Aid Office. Submitting a leave of absence on CSAC’s website should be your priority.
Money that is on hold DOES NOT accumulate. You do not bank the amount that is on hold. Say you are eligible to receive Cal Grant as a Freshman in the Fall Semester, but you decide to put it on hold for 2 years and transfer—if you begin to accept the grant at the beginning of your junior year (Fall semester) at university, you will receive the amount for that year ONLY. You do not receive the 2 years worth of Cal Grant money that you previously put on hold [you do save eligibility for putting it on hold]. From my call to CSAC today [shoutouts to Christine/Kristine], it seems that this is a common misconception:
Student C knows that more Cal Grant B money is awarded to university students, but he is currently a CC student. Student C thinks that if he puts Cal Grant B on hold from the start of the Fall Semester of his Freshman Year to until he transfers as a junior to university, he will have 2 years worth of university-level Cal Grant B from freshman and sophomore years in the bank if he starts accepting Cal Grant B as a junior at university.
Student C is WRONG. University students do receive more Cal Grant B money than CC students, but you can not bank the money from community college Cal Grant B and have it scale to university-level Cal Grant B later. It is all about playing with the eligibility and understanding how many years you will personally need to take. Take a further look at the students A and B in my above post if you are still uncertain on how it works.