This report examines U.S. Department of Education data showing the net price -- the average amount of money that students and their families have to pay after all grant and scholarship aid is deducted from the listed price -- for low-income students at more than 1,400 four-year colleges in the 2011-12 academic year. The analysis finds that hundreds of colleges expect the neediest students to pay an amount that equals at least half of their families' yearly earnings. This report follows up on a paper New America released last year looking at the net price data for the 2010-11 academic year. 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. As compared with last year, the number of private colleges that charge students with family incomes of $30,000 or less an average net price under $10,000 has dropped significantly. At the same time, the number of schools that charge the lowest-income an average net price over $15,000 has risen substantially. [This is an updated copy of the report which corrects an error in the US Department of Education data which listed the net price for low-income students at the College of William and Mary as $19,976 instead of $4,917. To view the previous report, "Undermining Pell: How Colleges Compete for Wealthy Students and Leave the Low-Income Behind," see ED595529.]