The Elementary and Secondary Education Act (ESEA) is the primary source of federal aid to elementary and secondary education. The ESEA was last reauthorized by the Every Student Succeeds Act (ESSA; P.L. 114-95) in 2015. The Title I-A program has always been the largest grant program authorized under the ESEA. Title I-A grants provide supplementary educational and related services to low-achieving and other students attending elementary and secondary schools with relatively high concentrations of students from low-income families. Title I-A grant amounts are primarily driven by the number of "formula children"--principally children from low-income families--in an LEA, although all four formulas also include an expenditure factor based on education expenditures, minimum grant provisions, and hold harmless provisions. Since the initial enactment of Title I-A in 1965, the formula(s) have been criticized for being more favorable to more densely populated and typically urban areas due to how children from low-income families are counted, and for being more favorable to wealthier states due to the inclusion of factors based on education expenditures. This report analyzes issues related to three of the major debates surrounding the Title I-A formulas: (1) the effect of different formula factors and provisions on grant amounts, (2) whether the formulas are more favorable to certain types of LEAs and states, and (3) how effectively the Title I-A formulas target funds on concentrations of poverty. The report is intended to complement CRS Report R44898, "History of the ESEA Title I-A Formulas," which provides a detailed examination of the history of the Title I-A formulas and of the underlying tensions in the policy debates about the design of the formulas from enactment of the original ESEA through enactment of the ESSA.