This report examines U.S. Department of Education data showing the average net price for students from families making $30,000 or less at more than 1,400 four-year colleges in the 2013-14 academic year. The analysis finds that hundreds of colleges expect the neediest to pay an amount that equals more than half of their families' yearly earnings. This report follows up on two previous papers that New America has published that looked at the net price data for the 2010-11 and 2011-12 academic years. The financial hurdles, the analysis finds, continue to be highest in the private nonprofit college sector, where only a few dozen mostly exclusive colleges meet the financial need of the low-income students they enroll. Overall, 94 percent of the private colleges examined charge the lowest-income students an average net price over $10,000. The number of private colleges that charge these students an average net price over $15,000 continues to grow, as does the number of institutions that charge these students more than $20,000. [For "Undermining Pell: Volume II. How Colleges' Pursuit of Prestige and Revenue Is Hurting Low-Income Students," see ED595531. For "Undermining Pell: How Colleges Compete for Wealthy Students and Leave the Low-Income Behind," see ED595529.]