Every May 1st, thousands of high school students around the United States participate in what is commonly known as "National College Decision Day." Incoming university students who have submitted their statement of intent to register (SIR) are encouraged to wear their new school apparel with pride and announce where they will be continuing their academic careers. For the majority of U.S. colleges and universities, May 1 is the deadline for students to accept an admissions offer and submit a deposit.

While this is a day of excitement and relief for students and families across the country, it also comes with a certain level of anxiety regarding financial aid. Student loan debt continues to be a serious crisis for American students, with over 44 million borrowers who collectively owe nearly $1.5 trillion in student loans, according to the Federal Reserve Bank of New York.

According to a 2016 University Business survey, 70 percent of university leaders believe that developing new sources of revenue is the most critical challenge facing their institution, followed closely by containing or reducing cost at 67 percent. Higher education institutions understand the funding challenges for students and are tasked with finding solutions to help students navigate cost and financial aid and, ultimately, drive student success towards graduation.