How has the funding level changed for Pell Grants over the years?
The maximum Pell Grant has remained static since 2003-04 at $4,050. Over time, it has lost its relative value as measured against the national average cost of college. In fact, based on the numbers on the website mentioned below, the inflation-adjusted true purchasing power of the Pell Grant is at a historically low level, which means it has lost its value as measured against the rising national average cost of college. See listing of awards over time here: http://www.finaid.org/educators/pellgrant.
