The Pell Grant is the foundational need-based student aid program in the United States, providing students of lower socio-economic status a pathway to afford college costs and educational expenses. Currently, over one-third of all U.S. undergraduate students receive Pell. This paper examines federal Pell assistance and institutional costs for…

A growing number of postsecondary institutions in the United States have removed standardized testing as a requirement for admission. Researchers, however, have suggested that these "test-optional" policies may not benefit underrepresented populations as intended, but instead serve as an additional revenue source for the institution. In…