This Congressionally requested memorandum compares the Pell Grant provisions contained in the recent new versions proposed by the Senate and House with the current program. The first section describes the program, pointing out that students' eligibility for Pell Grants and the size of their awards depend on three factors: the amount they and their families are expected to contribute to their education, the cost of attendance, and whether the student attends part- or full-time. The second section describes characteristics of current Pell Grant recipients, noting that, as a result of the rather stringent eligibility and award rules, most Pell recipients have low family incomes; in fact, an estimated 72 percent of independent recipients' incomes fall at or below $10,000. The final and longest section compares the current program with the new provisions. While both the House and Senate versions promote aspiring students' access to postsecondary education by reducing the amounts that students and their families pay for such education, the new provisions address this goal by raising the maximum award and by changing the rules that determine the size of the award, thus greatly expanding the amount of aid provided. Both bills exclude house and farm equity from financial resources for at least some families. They also permit financial aid administrators at postsecondary institutions to exercise discretion in setting awards, and allow at least some less-than-half-time students to receive Pell Grants. Both versions however, tighten the definition of independent students. An appendix contains a comparison table. (JB)