Sameer
1) 32 is not too old, although your options and opportunities are more limited than if you were 22. You need to be realistic about this.
2) If you can't finish your studies, you will not gain a licence. You should have a contingency plan for this - never close the door entirely on your former career, and always have exit options.
3) Not everyone can be a pilot. For the same reasons that not everyone can be a doctor, or a lawyer. They might not have the academic ability, or the physical ability, or the aptitude, or the financial back-up, or the flexibility to manage ridiculous shifts, or a family that can accept the lifestyle that being a pilot brings. Add into this the medical requirements, the 6 monthly line checks, the incredibly high standards required and the personal / soft / communication skills required to share a cockpit with someone for up to 12 hours at a time.
4) No