A Pell Institute brief found the share of first‑generation students at degree‑granting Title IV institutions declined 13% between 1996 and 2020 even as overall U.S. bachelor’s attainment rose 14 percentage points to 38%. The report argues that higher parental education levels have increased social capital and smoothed access to college for many students, while longstanding programs like TRIO remain critical for retention and degree completion among disadvantaged learners. Despite the percentage decline, first‑generation students still comprise 53% of enrolled learners at degree‑granting institutions. The brief notes persistent poverty and English‑learner status among first‑generation cohorts and highlights evidence that wraparound supports—TRIO and similar services—boost completion rates. Policy shifts that freeze or cut funding for programs that support first‑generation students could reverse recent gains, forcing institutions to weigh program sustainability, targeted advising, and financial aid to preserve upward mobility pipelines.