Students fill out the Free Application for Federal Student Aid (FAFSA) as part of their applications for the Pell Grant. Part of the application evaluates the student's family income to determine the expected family contribution (EFC). The student's income and assets are evaluated if the student is independent. Students who apply for Pell Grant are also eligible for work-study, which may be part of a financial-aid package.
According to the Pell Grant Requirements website, students must demonstrate financial need and academic progress to qualify for the grant. As of 2010, students could receive up to $5,550 in funds.
Most students who receive Pell Grants come from families with a combined income of less than $20,000 annually, according to the Pell Grant Requirements website. However, families that make up to $45,000 annually are also considered, as of 2010.