In 1988, the William T. Grant Foundation issued "The Forgotten Half," the final report of the Foundation's Commission on Youth and America's Future. Focusing on inequality in American society, specifically among non-college-bound 16-24 year olds, the report explored the challenges facing young people and the institutions that serve them. Twenty-four years later, using data on young adults in 2012, the authors seek to understand the composition of the forgotten half today, how educational institutions may inadvertently contribute to their disadvantage, and how these same institutions can improve their chances of success. This essay is meant as an update of the "The Forgotten Half." The original report presented a valuable analysis that described various institutional mechanisms that contributed to inequality, and used that analysis to recommend policy actions. This approach continues to be useful. However, many of the particular elements have changed, and this essay attempts to update the prior analysis. To that end, the authors seek first to understand the new forgotten half--those youth who do not complete college and ind themselves shut out of good jobs in the era of college for all. They then propose research that may help increase the new forgotten half's chances at success in today's labor market. [For the summary report, "The New Forgotten Half and Research Directions to Support Them. Summary and Key Findings. A William T. Grant Foundation Inequality Paper," see ED565751.]