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After four years of hard work in high school, the moment of truth arrives as college acceptance letters begin to roll in. If you’re lucky enough to receive multiple offers, you’ve got a big decision to make.

Most final enrollment choices must be made by May 1st, widely known as College Decision Day. This is the deadline for prospective students who apply “regular decision” to confirm their enrollment and submit a nonrefundable deposit.

Making this choice can be difficult, with a number of factors to consider. Below are seven tips to help you and your family confidently navigate the decision-making process ahead of College Decision Day.

1. Getting Organized

While the hard work of submitting college applications is done, high school seniors still have several important tasks and deadlines to manage to ensure a smooth transition to college.

Here are some deadlines to keep in mind and documents you’ll want to organize leading up to (and just after) Decision Day.

Key Deadlines (for 2026 Entry)

•   FAFSA® submission: The federal deadline to submit the Free Application for Federal Student Aid (FAFSA) for the 2026-2027 academic year is June 30, 2027. However, individual states and colleges have their own FAFSA deadlines, which are often much earlier than the federal deadline. It’s a good idea to submit the FAFSA as early as possible because many grants and scholarships are awarded on a first-come, first-served basis until the funds run out.

•   CSS Profile (if required): The deadline for submission varies by school but typically falls between January 1 and March 31 for regular decision students.

•   College Decision Day: May 1, 2026 is the typical deadline to accept an admission offer and submit a deposit for fall 2026 enrollment.

•   Housing applications: For incoming freshmen, housing applications are often due within a week after the May 1 decision deadline, or around May 8.

•   Scholarship deadlines: Deadlines for scholarship applications occur all year round, but many fall between October and March.

•   Federal aid offer appeals: If your family’s financial situation has changed since you submitted the FAFSA or if you believe your initial application did not accurately reflect your ability to pay, you can appeal your financial aid award. Deadlines vary by school but, ideally, you want to submit it shortly after receiving your aid package.

Staying organized with a calendar or a checklist will help you avoid missing any important deadlines.

Important Paperwork to Keep Track Of

Consider setting up a folder (physical or digital) for all of the following:

•   Acceptance letters for each college you’re considering

•   Financial aid award letters

•   FAFSA submission confirmation

•   CSS Profile submission confirmation (if applicable)

•   Scholarship award letters

•   Communications with admissions/financial aid offices (e.g., emails, notes from calls)

•   Enrollment deposit receipts (once you’ve chosen a school)

•   Housing application confirmations (once you’ve chosen a school)

💡 Quick Tip: Make no payments on SoFi private student loans for six months after graduation.

2. Comparing Financial Aid Offers

College can be expensive. Before you commit to a school, you’ll want to compare any financial aid offers you’ve received.

When you receive a financial aid award letter, it will outline how much aid is in grants and scholarships (which you don’t have to repay) versus federal student loans (which you do have to repay). The letter will also typically include the school’s cost of attendance. By subtracting the grant and scholarship amounts on your aid offer from the cost of attendance amount, you can come up with the school’s net cost. This is the amount you will have to pay out of your pocket using savings, earnings from work, and/or student loans.

Looking at the net costs for the colleges you are considering allows you to compare costs apples to apples and see which school best fits your budget.

3. Reserving Your Spot

Once you receive an offer letter, you can respond at any point — you don’t need to wait until College Decision Day. To secure your spot, you’ll usually need to pay an enrollment deposit.

What You Need to Know About Enrollment Deposits

•   This fee is typically nonrefundable.

•   Paying the deposit holds your spot in the incoming class.

•   Deposit amounts typically range from $100 to $1,000, depending on the school.

•   Try to avoid paying deposits to multiple schools (known as “double-depositing ”) just to buy extra time — this is generally frowned upon and can harm other students on waitlists.

4. Mulling Over the Waitlist

Being waitlisted by a college means you are not accepted or rejected, but are on a hold list for potential admission if spots open up after other accepted students decline their offers. You generally won’t hear back about a waitlist decision until after the national May 1 deadline. In some cases, students don’t find out until soon before the fall semester.

If you’re waitlisted, you typically need to accept or reject the waitlist offer. You generally only want to accept a waitlist offer if the school is truly your top choice. Otherwise, it’s a good idea to remove yourself from the list so other students can be considered.

If you accept a waitlist offer, consider how long you’re willing to wait and come up with a backup plan. That typically means putting down an enrollment deposit at another college you have been accepted to by College Decision Day. This ensures you have a place to go if you don’t get off the waitlist, even if you lose the deposit later.

5. When Decision Day Arrives

Ideally, you’ll make your final decision before May 1. Waiting until the last minute offers very little wiggle room if something goes wrong, like a technical glitch.

To accept a college admission offer, you’ll need to use the method specified by the school, which often involves logging into your student portal and paying a nonrefundable enrollment deposit.

You’re not required to formally decline a college acceptance — not accepting by May 1 is considered a rejection. However, it’s more respectful to decline. You can typically do this by logging in to the school’s online system and rejecting the admission offer. The sooner you reject an offer, the sooner the college can offer the spot to another student on the school’s acceptance waitlist.

6. If You Miss the Deadline

If you miss the May 1 deadline, you risk losing your spot because the college may fill it with someone else. You may also lose your financial aid package. However, you aren’t necessarily out of luck. Your best move is to contact the college admissions department as soon as possible. If you have a valid excuse, they may allow you to still accept their offer. Be sure to explain any emergency, problem, or other issue that kept you from submitting your decision and deposit in time.

7. Financing a College Education

Once you’ve accepted a college offer, you’ll have a clear idea of how much it will cost. As you and your family figure out how you’ll pay for college, student loans may come into play.There are two types available:

Federal Student Loans

Federal student loans are made by the U.S. government and have terms and conditions that are set by law. Federal loans can be subsidized (meaning the government pays the interest while you are in school and during certain other periods) or unsubsidized (you must pay all of the interest that accrues). Subsidized loans are offered to eligible students who demonstrate financial need; unsubsidized loans are available to eligible students regardless of financial need.

Federal student loans generally do not require a credit check and come with relatively low, fixed interest rates.

Federal Student Loans: What’s Changed for 2026

Major changes to federal student loans were enacted by the “One Big Beautiful Bill” Act (OBBBA) in July 2025, primarily affecting new borrowers starting in July 2026. Here’s are some changes that will impact undergraduates:

•  Fewer payment plans: OBBBA will reduce repayment options from the current seven plans down to two new plans. These include:

◦  The standard plan: Borrowers will be assigned a repayment window of between 10 and 25 years, depending on the size of their debt, and will need to make equal monthly payments. This is generally the best choice for those who want to pay off their loans quickly and minimize interest costs.

◦  The Repayment Assistance Plan (RAP): Borrowers who worry they won’t be able to make the fixed monthly payments on the standard plan, can choose the Repayment Assistance Plan (RAP). On RAP, payments range from 1% to 10% of a borrower’s Adjusted Gross Income (AGI), with forgiveness after 30 years of consistent payments.

•  Lower borrowing limits for parents: Parents and caregivers who use parent PLUS loans to help students pay for college will see new loan limits. These loans will be capped at $20,000 a year and, in aggregate, at $65,000 per child.

💡 Quick Tip: Parents and sponsors with strong credit and income may find more-competitive rates on no-fees-required private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

Private Student Loans

Private student loans are offered by private lenders like banks and credit unions to help cover educational and living expenses. They are typically used to bridge the funding gap when federal student aid (including federal student loans) and scholarships do not cover the total cost of attendance.

Unlike federal loans, private student loans are credit-based, meaning a borrower’s credit history is a key factor in approval and interest rates. Many students need a creditworthy cosigner to qualify.

Private lenders often allow borrowing up to the total cost of attendance (minus any financial aid), which can be higher than federal loan limits. However, private loans may have higher interest rates and generally lack the borrower protections available with federal loans, such as income-driven repayment and forgiveness programs.

The Takeaway

Choosing which college to attend is a major decision, and College Decision Day is the critical deadline. By staying organized, diligently comparing financial aid packages, and planning for how you will ultimately finance your education, you can navigate this stressful but exciting time successfully. Taking these preparation steps can help ensure you make the best choice for your academic future and financial well-being.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What should I consider when comparing financial aid offers in 2026?

When comparing financial aid offers for 2026, the key is to look past the sticker price and focus on the net cost. This is the total cost of attendance (tuition, fees, room, board, and estimated personal expenses) minus any grant and scholarship money you receive. Grants and scholarships are essentially free money that does not need to be repaid, making them the most valuable part of your package. You’ll also want to closely examine the federal student loans offered, noting whether they are subsidized (the government pays the interest while you’re in school) or unsubsidized (you are responsible for all interest). If you’re eligible for work-study, that can also help you cover some of your costs.

What happens if I miss the College Decision Day deadline?

If you miss the College Decision Day deadline, you may lose your spot at your chosen school. Colleges often reallocate unclaimed offers to waitlisted students. Contact the admissions office immediately, as some may offer a short grace period. Missing the deadline can also impact your eligibility for financial aid and housing preferences.

Can I apply for more financial aid after receiving my college acceptance?

Yes, you can generally apply for more financial aid even after you’ve received your college acceptance and initial aid offer. The process is typically called a financial aid appeal. You’ll need to contact the college’s financial aid office to request this review. Generally, your odds of success are better if you can demonstrate a significant change in your family’s financial situation since submitting the FAFSA®, such as a job loss, unexpected medical expenses, or a parent’s divorce. You will need to provide documentation to support your appeal.

How can I appeal my financial aid offer?

To appeal your financial aid offer, contact your college’s financial aid office and ask about their appeal process. Typically, you need to submit a formal letter explaining your financial changes or special circumstances, such as job loss or medical expenses, and include documentation to support your case. Appeals are reviewed individually and may or may not increase your aid.

Are there any new student loan options for 2026?

Federal student loan options are undergoing significant changes for new borrowers starting in July 2026 due to the “One Big Beautiful Bill” Act (OBBBA) enacted in July 2025. For undergraduates, changes include a reduction in repayment plans from seven to two: the Standard Plan (fixed payments over 10-25 years) and the Repayment Assistance Plan, or RAP (payments based on 1%-10% of adjusted gross income, with forgiveness after 30 years). Additionally, new annual and aggregate borrowing limits for Parent PLUS loans have been set at $20,000 and $65,000 per child. Private student loans remain an option, typically used to cover costs beyond what federal aid provides.

How do recent federal policy changes affect my student loans?

The federal policy changes enacted by the “One Big Beautiful Bill” Act (OBBBA) in July 2025 will significantly affect new federal student loan borrowers starting in July 2026. For undergraduates, the most impactful change is the consolidation of the seven existing repayment plans into just two: the Standard Plan, which assigns fixed monthly payments over a 10- to 25-year period based on debt size, and the Repayment Assistance Plan (RAP), a new income-driven option where payments are set at 1% to 10% of the borrower’s adjusted gross income, leading to forgiveness after 30 years of consistent payments. In addition, parents using Parent PLUS loans to help finance their children’s education will face new limits, with annual borrowing capped at $20,000 and an aggregate limit of $65,000 per child.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOISL-Q425-040

Graduating college is a big deal. The time you spent in school has likely taught you a lot about the subjects you studied, being organized and meeting deadlines, and life in general. Once you have your degree, you’ll put those skills to good use as you embark on your career and independent life. No more dining hall, no more dorms. It’s time to launch adult life and figure out how to make your own way.

To help you deal with some of the basics, like a job and banking, read on. You’ll find valuable tips to help you through the first steps of post-grad life.

Life After College

Congrats on your degree! Now, on to the next challenge. It’s time to tackle adulting, which can include such things as getting set up in your new living situation, finding your favorite brunch spot, and making new friends if your college pals have scattered to different places.

In addition, there are some major daily-life tasks to wrangle:

•   Finding and holding a job

•   Taking control of your health and your health insurance

•   Keeping your brain active, which may lead to more schooling

•   Managing your money.

Below, get some helpful advice on these last four topics (you can probably find the best brunch spot in your new neighborhood without too much help).

💡 Quick Tip: Enjoy no hidden fees and special member benefits when you refinance student loans with SoFi.

Getting to Work

Hopefully you enjoyed a few weeks off post-grad to travel or kick back and relax after four years of hard work. But for many people, what to do after college is find work.

When you’re ready to begin your job search, it can feel overwhelming. Chances are, it’s time to focus on taking steps towards building your career.

First off, don’t let job searching totally stress you out. While entry-level hiring has slowed in 2025, and there is higher unemployment for new grads, it is still possible to find a job.

It could just require more time and patience. Some good advice? Research, network, and network some more.

•   Your school’s career services office may provide job leads, and its alumni office may be able to network you with people in your field who can share insights.

•   Search for jobs online. There are many job boards, such as Indeed and ZipRecruiter, to access.

•   Put out the word among friends, families, past internship supervisors, and others.

•   To gain intel on starting salaries, try an online salary calculator. You provide some basic info like your location and experience, and their tool tells you what the average salary for your desired role is. While this tool can only provide an estimate, it may help you determine if you should try to negotiate for a higher salary when you receive a job offer.

Taking Your Health into Your Own Hands

As part of learning how to navigate life on your own, make sure you take the reins of your healthcare. Mom and Dad likely aren’t scheduling those biannual dental checkups for you anymore.

Whether you’re still on your parent’s policy or buying your own health insurance, getting more familiar with the resources your healthcare plan provides is never a bad idea.

It can help you stay on top of scheduling check ups, dental cleanings, and eye exams. You may also need to learn the ropes of finding in-network doctors as you move to a new place or get your own policy.

And you might want to start saving for any unexpected medical or dental bills that may arise. Having an emergency fund at the ready can be an important step to financial wellness in this new chapter of your life.

Speaking of wellness: You may feel swamped by post-grad life, but it’s such an important time to prioritize your well-being. It might be helpful to make time to go to the gym each week, meditate, cook healthy meals, and get a good night’s sleep. Getting into good health habits is an excellent adulting accomplishment.


💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.

Continuing Your Learning

It’s normal after college to need a little break from learning. For the first time in your life, there is no one telling you what to read or what classes you have to take. But once the dust has settled and you’ve had a rest from hitting the books, you might try to prioritize learning. Not only does it keep your brain sharp, it can also help boost your career by enhancing or expanding your skills.

For example, you could consider obtaining a professional license related to your career or industry. According to the most recent intel from the Bureau of Labor Statistics, 24% of employed workers had some sort of professional license or certification in 2024. Having one may give you a competitive boost at work or while job searching. You can go the extra mile to develop more skills needed in your career through an online class or professional conference.

What’s more, additional learning and training could lead to a profitable side hustle or gig work. For instance, you might be able to pick up extra cash during tax season supporting professional tax preparers.

Learning-wise, not all of what you do after graduation has to go towards career advancement, of course. Take that cool history of film class at your local community college. Join a book club or just load up your bookshelf with books you’re dying to read. Exploring your passions can help you feel motivated, fulfilled, and inspired. Now is the time in your life to open doors, not close them.

Recommended: What Should I Do After My Master’s Degree?

Getting Your Finances Organized

Once you graduate from college and join the working world, it’s likely time to look at whether your current banking partner suits your needs.

It can be a wise move to look for a bank that offers a good interest rate on your deposits, convenient access, and tools that help you track your money in a quick and convenient way.

As you organize your money (and don’t forget to start that emergency fund mentioned above), you may realize that one expense that may really be bringing you down is your student loan debt payments.

The average federal student loan debt is currently $39,075, according to the Education Data Initiative. Is student loan debt weighing you down? There are a few strategies you can use to help pay off your student loan debt quicker. You might start your journey to a student loan-free life by creating a monthly budget that can help you get out of debt.

•   To create a budget that can assist with paying off debt, you could begin by gathering all of your bills and recent receipts. Review exactly what you need to spend on necessary living expenses (rent, food, health insurance, minimum debt payments), how much you are spending on the wants in life (travel, entertainment, clothing), and how much you can save or put toward additional debt payment.

•   There are different budgeting methods, and it’s a good idea to spend a bit of time finding the one that works for you. For instance, you might like the 50/30/20 budget rule, which says to allocate 50% of your take-home pay to necessities, 30% to wants, and 20% to savings and extra debt payoff.

Whichever technique you choose, do compare the cost of your living expenses to your paystubs to see how much you can afford to pay towards debt each month. Creating a budget can help you not only pay off your debt, but avoid accumulating more debt in the future.

Recommended: 6 Strategies to Pay Off Student Loans Quickly

The Takeaway

Life after college is exciting, but it can also be challenging. You’ll need to find a job, take control of your health, keep sharpening your skills, and learn to manage your finances, including setting up a budget.

Once you have your monthly budget under control, you might consider refinancing your student loans as part of how you navigate life post-college. You may be able to lower your interest rate, lower your monthly payments by extending your repayment term, or release a cosigner from a previous loan.

Do note that lengthening your repayment term can increase the interest you’ll pay throughout the life of your loan.

Refinancing comes with many benefits, but keep in mind that you lose federal benefits and protections when you refinance federal loans with a private lender. But if you are not planning on taking advantage of these benefits, refinancing might be for you.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

What’s the biggest challenge grads face after college?

One of the biggest challenges grads face after college is finding a job that utilizes their skills and talents and pays well. In addition, new grads are facing other challenges, such as getting settled in their new life — possibly in a new home in a new city — working on managing their finances, perhaps for the first time, and starting to pay off student loan debt.

Why is it so hard for recent college graduates to get a job now?

College grads are currently facing a slowing job market for entry-level jobs, economic uncertainty, and higher unemployment. Networking, brushing up on or learning skills that employers are seeking, and putting the word out to family, friends, and former employers that you are job searching are some ways to potentially help boost your job search.

How important is your first job out of college?

A first job doesn’t define your career, and in this challenging job market it’s important to be flexible. Grads might end up with an entry-level job that is different from one they might have envisioned. That said, a first job can help a new grad develop skills and build a professional network. If possible, look for a position that aligns with your career goals as much as possible and that also allows you to use the skills you have while developing new ones.

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.