<p>^ It’s also worth considering the recent $2,000 increase in Pell grants in light of a longstanding trend of annual tuition increases, regardless of Pell grant levels. Should we count the recent increase as a real increase, potentially producing the kinds of effects described by the authors (not all of which a negative, by an means)? Or is it more akin to an inflation adjustment, holding the real value of Pell grants more or less constant over some time period, and thus avoiding the devastating impacts the authors predict would ensue if Pell grants were cut? Presumably those same impacts would ensue, albeit more slowly, if Pell grants were held at constant nominal dollar levels while their real value was eroded by education-cost inflation.</p>