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The document summarizes evidence that changes in the purchasing power of the Pell Grant influenced the opportunity gap in higher education. It shows that (1) the purchasing power of Pell declined significantly after 1975, leaving more costs for low-income students; (2) longitudinal studies found growing gaps in college participation rates between high school graduates from different income quartiles after 1975; and (3) economic research indicates that reductions in need-based financial aid are associated wi

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