Over half of the families in the United States are unable to afford to send their kids to college. In a 2013 survey, 62 percent of Americans said that they believe most people are not able to afford the cost of a college education.
The real number of students who cannot afford college is higher, as these percentages do not capture those students who drop out due to affordability issues. Students who are under 24 years old are dependent students. As a result, their parents' income determines the financial award package the student receives. If the award is not enough and all of the aid options are exhausted, then the student and his parents may need to apply for a private loan. These types of loans are credit-based and are often difficult to obtain. Ultimately, this circumstance leaves the student unable to attend college.