The Free Application for Federal Student Aid, better known as FAFSA, typically opens on Oct. 1, but this year families will have to wait until December.
The form — which uses parents' income and a litany of other information to determine a student's need for financial aid — is being updated, and hopefully, simplified.
However, implementing those changes means students and families will not be able to apply for aid for the 2024-25 school year until December 2023.
"[The Department of Education] is concerned that once October comes around, people will start looking for the FAFSA," McCarthy says.
But the change in schedule could have some families concerned about what it means for their student's financial aid package.
Persons:
—, Karen McCarthy, McCarthy
Organizations:
Federal Student Aid, Department of Education, National Association of Student Financial, CNBC