The word is that Holiday will tell Howland that he intends to put his name in the NBA Draft and "test the waters," which will entail going through the NBA camps and individual workouts for NBA teams this spring.
The deadline to take your name out of the draft in order to return to play college ball is June 15th.
Holiday will not hire an agent, to ensure he could return to college.
There is much speculation about what Holiday might do, but at this point it's mostly just that -- speculation. The Holidays' decision will be based on where the talented guard projects in the draft after the camps and workouts. It's generally known that if he's projected as a Lottery pick (the top 14 picks), he'll keep his name in the draft. It's uncertain what the Holidays would decide if he's projected below that, but still in the first round.