In 2006-07, the federal government awarded over $13 billion in Pell Grants to more than 5 million undergraduate students (U.S. Department of Education 2007). The goal of the Pell Grant program is to help students with financial need enroll in and graduate from college by providing them with a basic foundation of financial aid, to which they may add other grants, loans, or work-study awards from both federal and nonfederal sources. This study expands on the earlier research by analyzing factors related to timely completion of a bachelor's degree (i.e., within 6 years or less) and early enrollment in a graduate program (i.e., enrollment within 1 year of graduating from college) while comparing college graduates who received a Pell Grant with those who did not. Appended to this document are: (1) Glossary; and (2) Technical Notes and Methodology. (Contains 21 footnotes, 6 figures, and 17 tables.)