Using Pell grant awards as a proxy for the enrollment of low-income students is common. The most recent National Center for Educational Statistics (NCES) data shows that only 16.9% of community college students enrolled in credit courses receive these grants. This paper examines 7 different hypotheses that might explain this low rate. It finds that the use of Pell-grant rates for individual colleges and states is not an appropriate measure of the community colleges' service to low-income students. (Contains 5 tables.)