Answers:
When you apply for the Pell grant using the FAFSA, you are applying for the whole year - using last years tax income. The application you just did, using your 06 income would be good for Fall 07, Spring 08 and Summer 08 usually. Your income in 06 would not have changed if you try to apply again this spring. However, sometimes situations happen such as a loss of job, death of spouse, high paid medical bills that might make your situation unusual. I would visit your financial aid office if you think you fall in that category.
Find out why you didn't "get accepted"... situations of poor grades or completion rates can be fixed... sometimes in one semester. Keep in mind that loans are also a type of financial aid and is usually avail to anyone regardless of income.
Most definitely. Your financial situation may change.
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