This report calls attention to a trend in the Pell Grant program that has largely gone unnoticed by policymakers. Increases in the maximum Pell Grant between the 1995–96 and 2018–19 academic years have allowed more middle-income families to qualify for the program. Today, students from families earning between $50,000 and $60,000 can easily qualify for a grant, which is a stark change from earlier decades when families with this income level (in today’s dollars) were far less likely to be eligible.