The Federal Pell Grant Program was created to improve the access of low-income students to postsecondary education. Grant recipients enroll at a variety of educational institutions, including four-year colleges and universities, for-profit schools, two-year community colleges, and institutions that specialize in occupational training. Grants are awarded on the basis of financial need and academic course load, and the maximum grant a student can receive for the 2013-2014 award year is $5,645. During the most recent award year for which data are available (July 1, 2011, to June 30, 2012), the program provided $33.6 billion in grants to some 9.4 million students at U.S. educational institutions. The cost of the program has risen dramatically in recent years. From 2006-2007 to 2010-2011, real (inflation-adjusted) spending on Pell grants increased by 158 percent. That change resulted from an 80 percent rise in the number of recipients and a 43 percent real increase in the amount of the average grant during those four years. Spending for the program declined in 2011-2012 because of a reduction in the amount of the average grant. This report discusses growth and policy options.