Access to higher education has increased substantially in Latin America, but inequalities in access to and completion of higher education still remain. In this regard, identifying vulnerable groups and exclusion factors is a priority in Latin America's university systems. The aim of this article is to understand in depth governing board perceptions of exclusion factors in higher education institutions in Latin America. The study has identified five key factors that help better understand exclusion from higher education in Latin America: (a) personal characteristics, (b) family situation, (c) institutional features, (d) public policies, and (e) phases of university students' development.