What happens on May 1st - College Decision Day?

Can anyone put me in the picture regarding May 1st - College Decision Day? I've heard various things about it but still feel a bit lost. Does everyone need to have their college decision by then, or does it vary? What should I be prepared for?

May 1st, widely known as College Decision Day, is considered to be the national deadline for high school seniors to commit to a college. By this day, students who've received admissions offers should inform the colleges they'd like to attend, by submitting a deposit to secure their spot in the upcoming class. This is also when students should decline other offers they've received.

The May 1st deadline is standard for many colleges and universities, especially selective ones, to allow for equal opportunity and accessibility. However, some less selective and community colleges may have a rolling admissions process, and accept admissions decisions past this date, sometimes well into the summer.

To be prepared, you should ideally start reviewing your offers well in advance. Consider factors that matter to you, like academic programs, campus culture, location, and financial implications, among others. If you have been waitlisted by your top-choice college, you should still commit to another school that has accepted you by May 1. If a spot opens up later at your top-choice institution and you're offered admission, you can accept it then, even if it means losing your initial deposit.

Remember: once you've decided and committed, you should also formally decline your other offers. This frees up spots for waitlisted students at those institutions. Ultimately, May 1st is a day of closure for many, where the hard work of applying turns into the excitement and anticipation of attending.