An increase of over 100% in program expenditures for the Pell Grant program over a five year period of time, from $14.7 billion in the 2007-08 award year to $33.4 billion in the 2011-12 award year, places an otherwise popular program under scrutiny. This article considers the factors and options informing federal policy related to the Pell Grant program that are being considered to limit further growth of program costs, if not reduce them. To best understand the current context and pending options, I revisit the past of the Pell Grant program by first noting the evolution of federal student aid policy, the basic structure of the Pell Grant program, and then documenting trends in the Pell Grant program from its beginning to the 2006-07 award year. I then examine factors that have contributed to growth in the program between 2007-08 and 2011-12, focusing on legislative changes and contextual factors, and ultimately present a typology of proposed and enacted options to maintain or reduce program costs. The article closes with considerations related to the future of the Pell Grant program.