What does it cover? and what is the Pell Grant for?
The FAFSA doesn “cover” anything. It is a financial aid application form used by most colleges. It is primarily used to determine your eligibility for federally funded need based aid.
The Pell Grant is a federally funded grant. It is for low incime students only. Your FAFSA EFC needs to be below $5000 to qualify for a small Pell. To get the maximum Pell, your EFC would need to be $0. Everyone entitled to the Pell, per their FAFSA EFC, receives it.
Many colleges use the information on the FAFSA to determine your eligibility for need based aid.
Both can be applied to Cost of attendance at a college - tuition, room, board, books.