Tuition prices, as well as the living expenses students must cover, have risen rapidly while household incomes have grown slowly or even declined except for those at or near the top of the income distribution. As incomes have stagnated and the savings rate has declined, students have come to depend more and more on financial aid from federal and state governments, as well as from the institutions in which they enroll and other private sources. With students borrowing more, the question of the impact of student debt on life after college has become a central focus of discussions of college affordability. This article discusses the imbalance between rising college prices and family incomes, published prices versus net prices, sources of financial aid, sources of grant aid over time, student debt, and what lies ahead given the challenges of meeting financial demands and the rising cost of college tuition.