Dive Summary:

• According to newly released preliminary data from the U.S. Department of Education, the cost of the Pell Grant program decreased $2.2 billion last year, from $35.6 billion to $33.4 billion, falling well below its estimated $40 billion price tag.
• This dip in spending occurred despite an increase in the number of Pell recipients by 58,000, indicating that 9.7 million students receiving the grant got smaller awards.
• Explanations include an increase in the number of part-time students (who receive smaller Pell awards), the elimination of the summer Pell Grant, and a decrease in Pell recipients attending for-profit institutions.

From the article:

Pell Grants might not be such an appealing target to federal budget cutters after all, because the program's total cost decreased last year, surprising many. The federal government spent $2.2 billion less on Pell Grants in the most recent fiscal year (which ended on July 1) compared to the previous year, according to newly released preliminary data from the U.S. Department of Education. ...