Applicants who automatically qualify for Pell Grants are those who gross less than $20,000 per year. If your income exceeds $20,000, you may still qualify for a Pell Grant but will receive less than those who have less income. If you qualify for a Pell Grant, the financial aid office at your college may also consider you for other types of financial aid awards that are based on need.
Having a significant amount of money in the bank may affect the amount of the Pell Grant that you can qualify for. The Pell Grant application will ask you to list assets such as stocks and bonds. If you live with your parents, their income is also considered. The college financial aid office can advise you what the asset stipulations are.
Report disability income or Social Security to your school's financial aid office. Students who are disabled may qualify for additional aid. Any special needs or medical conditions should be indicated on the Pell Grant application. The Pell Grant agency considers them a hardship that reduces the applicant's income.