Plus, what's Taylor Swift's big announcement/news on 20/20 with Katie Couric?
According to Page Six, Conor's family believes the split is because Taylor is busy promoting her album, Red, and Conor is at school at Deerfield Academy in Massachusetts.
A source tells Page Six, "Conor has gone back to school, and the deans at Deerfield are not happy about him jetting around with Taylor. He was due to attend an awards ceremony with her at the end of the summer, but the school chiefs put the kibosh on it. He can't just leave school to be with her at every point."
Meanwhile, a source tells HollywoodLife.com, "It's more of a break than a break up," adding, "I would not be surprised at all if they get back together. They are just very busy with what they are doing in their own lives."
Conor's family is set to honor Taylor at the Robert F. Kennedy Center for Justice and Human Rights' Ripple of Hope Awards Dinner on December 3, hosted by Taylor's friend (and Conor's grandma), Ethel Kennedy.
In other Taylor news, she's set to make a big announcement during her 20/20 interview with Katie Couric.
Taylor tweeted: "I have some BIG news! I'll announce it tomorrow night on @ABC2020 with @katiecouric at 9pm ET ... Watch?"
Don't DIS your awkward photos, DISPLAY them. Enter now for a chance to win $3K and a trip to LA!