The Pell Grant is targeted to students with the greatest financial need, and many policymakers find Pell to be a useful policy lever for promoting access and success for students from lower-income backgrounds. There are several examples where policymakers use Pell eligibility to allocate resources and hold colleges accountable for their outcomes;…

There is a dearth of empirical work that examines the relationships between federal financial aid policy and institutional financial aid priorities and expenditures. This study uses Resource Dependency Theory to explore whether changes the amount of financial aid awarded by colleges and universities during the last fifty years are best explained…