Over the last two decades, there has been a significant change in the financing of higher education in the United States. A decrease in student and institutional support in real terms, tuition increases at all types of institutions, along with the view that students are the primary beneficiaries of higher education has resulted in policies that reduce the proportion of higher education costs borne by the federal and state governments. This paper will describe this financing shift in the United States, and analyse its impact on college participation with a particular focus on equity and opportunity. It will also provide an analysis of some questions that European countries should address as they implement their own policies that shift the burden of paying for college from the government to individuals, and as they consider various forms of financial assistance to help students pay for college.