Day played college basketball at the University of Arkansas for coach Nolan Richardson, and was a four-year letterman ('89,'90,'91 and '92). Day broke Sidney Moncrief's school record for scoring with 2,395 points. Day was a member of the All-Southwest Conference Newcomer Team as a freshman, a member of the Arkansas unit that reached the NCAA Final Four as a sophomore, and a John Wooden First-Team All-America selection as both a junior and senior. Day helped Arkansas win three consecutive Southwest Conference regular season championships from 1989 to 1991, as well as three straight SWC Tournament championships, also from 1989 to 1991. Day was named the Most Outstanding Player for the 1990 SWC Tournament.