AskUbuntu user Velin knew how to fix this problem so I'm just reposting his answer:
For anyone else having this problem, it seems like it might be caused by a display driver issue. This can be fixed by adding the 'nomodeset' parameter in the kernel settings on startup. This instructs the kernel to not load video settings during startup but leave it to the X driver when it loads. This means no beautiful splash screen on startup but it beats a non-functional kernel.
The following link might be useful for people who don't know how to add the parameter: http://ubuntuforums.org/showthread.php?t=1613132
PS This issue might also be fixable by correcting video driver settings once the system is booted up. However, this still requires the above step for an initial boot.