“…The qualitative conclusions are also robust to changes in the HOPE program that occurred during the sample period. For example, after netting out variation in average enrollments (or award values) across years or across institutions with the inclusion of year and institution fixed effects, our reported specifications implicitly restrict the effect of HOPE in 1993and 1994to equal that in 1995, 1996, and 1997 to Pell enrollments, one should not anticipate significant implications of the 1995 income cap removal, since this pertained only to nonneedy students who, with or without the requirement to file, would not receive Pell assistance (e.g., the National Center for Education Statistics, table 414, 1998, reports that 90% of student participants in the two largest federal aid programs, the Stafford loan and the Pell grant, have family incomes below $40,000). Further, with data on Pell enrollments not available by class within institutions (i.e., freshman, sophomore, etc.…”