Value of the Pell Grant has Eroded Over Time
Pell Grant expenditures have increased significantly over the past few decades, but the inflation-adjusted maximum Pell grant and the average Pell grant have remained flat. In 1979, the maximum Federal Pell Grant award covered about three-fourths of the total cost of attending a four-year college. Today, the maximum award covers only about one third of the cost for tuition, fees, room and board.
Source: 2009 Trends in Student Aid. The College Board, 2010.