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 students at the 38 publicly controlled regional Historically Black Colleges and Universities (HBCUs), which serve high average percentages of low-income students and students of color. By deploying the University of Alabama Education Policy Center's new Mission-Driven Classification System to enrollment, tuition and fees, and other costs metrics along with federal Pell and student loan data from the Integrated Postsecondary Education Data System (IPEDS), a more direct apples-to-apples comparison of the 38 public regional HBCUs to the 182 public regional non-HBCU in the same 19 southern states, is revealed, as are comparisons to the universe of 461 public regional universities nationally. This paper finds that America's most financially disadvantaged students rely on Pell Grants to alleviate financial constraints at public regional HBCUs, where 55 percent of students are Pell recipients, a rate 24 percent higher than their non-HBCU counterparts. Moreover, the data underscore an opportunity for Congress to construct a meaningful federal role in higher education by providing stable and sustainable funding for the Pell Grant program.