With May 1 decision deadline looming at many colleges, FAFSA delays persist

NEW YORK -- What should be an exciting time for students entering college is turning into a nightmare.Many families still have not received word on how much federal student aid they qualify for and many schools have a May 1 deadline for students to accept offers.They were last told that answer would come sometime in March.CBS New York has more on the unprecedented delay and what's at stake.

She has two jobs and she's waiting for her FAFSA and it's really watching her being stressed, going, 'Do I need to get a third job?'' Pilchik said.FAFSA determines eligibility for Pell grants and federal student loans, and, in most cases, the aid provided by colleges as well.'It also is putting the schools in an unfair advantage because they don't know how much money to give,' Pilchik said.Some worry students might not enroll at all.

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