Analysis of 17 highly selective colleges shows a modest increase in Pell-eligible students between 2023 and 2025, driven partly by a 2024 change to Pell Grant eligibility rules that expanded qualification. Swarthmore’s Pell share rose from 17% to 26% and Tufts moved from 11% to 16%, though gains vary by institution. Researchers and advocates note the rise may reflect formula changes as much as fresh outreach or financial-aid expansion; enrollment growth among students from high-income neighborhoods continued to outpace those from low-income areas. The American Talent Initiative and institutional efforts to boost aid and reduce legacy preferences are cited as contributing factors. Pell Grants are federal need-based awards; changes to their formula can materially alter a campus’s reported economic diversity.