The Pell Grant program helps low- and middle-income students earn degrees and certificates from a wide variety of postsecondary schools, including community colleges, vocational schools, liberal arts colleges, religious colleges, research universities, and many more. However, in order for students to use their Pell Grant, the programs must be offered on a for-credit basis, be approved by an accreditor and authorized by a state, and provide no less than 16 credits or 600 clock hours of instruction over the course of 15 weeks. Currently, some stakeholders are advocating for relaxing these program eligibility requirements, suggesting that even shorter programs can provide a needed alternative to existing certificate and degree programs. In order to shed light on the promise to students and taxpayers of programs that could become newly eligible for Pell Grants under pending legislative proposals, this report analyzes data on short-term programs in three states that collect and maintain it: Texas, Missouri, and Iowa. Analysis of the data shows that very short-term education and training programs are diverse in their length and focus. Some programs provide demonstrable value to students in immediate employment outcomes while others do not. The outcome data available demonstrate highly variable returns. This report begins with an overview of the Pell Grant program's current standards, followed by the study methodology, and brief discussion of the findings. Data from the short-term program landscape in Texas, Missouri, and Iowa as well as key methodological challenges encountered during the course of the study are then discussed. [This report was written with the assistance of Veronica Gonzalez.]