; and (B) that associate degrees awarded by community colleges in the State are fully transferable to, and credited as, the first 2 years of related baccalaureate programs at such institution. (b) Grant amount (1) Initial amount For the first year that an eligible institution participates in the grant program under this subpart and subject to paragraph (3), such eligible institution shall receive a grant in an amount based on the product of— (A) the actual cost of tuition and fees at the eligible institution in such year (referred to in this subpart as the per-student rebate)