College Decision Day Is Here: What Students and Families Should Know About Paying for College

Sallie Mae Shares Guidance to Help Students Make Confident, Informed College Financing Decisions

NEWARK, Del.--(BUSINESS WIRE)--High school seniors across the country are celebrating College Decision Day by making the long-anticipated commitment on where to attend college this fall. For many families, however, the decision isn’t only about where to go—it’s also about what that choice means financially and for long-term success.

Cost remains one of the most influential factors in college selection, but it doesn’t tell the whole story. Families are also weighing overall fit and outcomes. Sallie Mae offers the following guidance on what to consider when choosing a college, university, or program after high school:

1. Start with outcomes in mind.
   Families should consider academic support, campus engagement, and career resources, along with outcomes like graduation rates, career paths, and earnings by major. Finding the right fit can help students stay engaged, motivated, and on track to finish strong. Comparing schools and programs based on outcomes can help lead to smarter, more confident decisions.
2. Understand the full cost.
   The true cost of college includes tuition, housing, meals, books, transportation, and everyday expenses. This is the moment to review financial aid offers carefully to understand what’s free and what needs to be repaid. A clear view of financial aid helps families plan realistically and avoid surprises later.
3. Go after free money – and keep it in play.
   Scholarships and grants can significantly lower out‑of‑pocket costs. Applying early and often—even for smaller awards—can add up over time and reduce how much students need to borrow. Free tools like Scholly® Scholarships can help students find and apply for thousands of scholarships aligned with their interests, background, and goals.
4. If there’s a gap, borrow smart.
   After scholarships, grants, and federal financial aid, some families may still have a funding gap. Explore all options and borrow only what's needed. A responsible private student loan can help families cover remaining costs.

“College Decision Day is exciting, but it’s also when big-picture decisions come into sharper focus,” said Rick Castellano, Vice President, Sallie Mae. “As students and families approach this next chapter, understanding not only the full cost of college but also considering goals after graduation can go a long way in setting students up for success now and in the future.”

For additional free college planning tools and resources visit Sallie.com.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Category: Financial Literacy