Despite $400 boost, Pell Grants fall far short of original goal to make college more affordable for low- and middle-income students

The Pell Grant covers less than 30 percent of the costs to attend a four-year public college. Craig F. Walker/The Boston Globe via Getty Images

Back around when the Pell Grant was created by Congress in 1973 to help students from low-income families pay for higher education, it covered 80% of the costs of attending a public four-year college or university. And it covered over 40% of the costs of going to a private one.

Today, thanks to increases in tuition costs and Pell Grants not keeping pace, they cover less than 30% of the costs at a public university and less than 20% of the costs at private institutions, according an analysis I conducted using College Board data.