Why do adolescents from lower socioeconomic status (SES) backgrounds often underperform on tests of learning and academic achievement? Prior research points to the role of external environmental constraints, like limited financial and educational resources. Here, we ask how these constraints impact internal psychological decision strategies that, in turn, might shape learning disparities. Specifically, we tested the hypothesis that lower-SES adolescents adapt decision strategies to favor exploitation over exploration, which, in turn, may limit learning and academic achievement. Adolescents (n=124; 12-14 years old) from diverse SES backgrounds chose how much to explore or exploit during a reward decision task. Exploiting secured immediate reward, but reduced information about the task structure. Exploring led to uncertain reward, but more information, which could be leveraged for better outcomes later. Lower SES was associated with less exploration and more exploitation. Computational modeling revealed that reduced exploration was driven by higher loss aversion rather than differences in beliefs about the value of exploring. We also observed that exploratory tendencies partially explained the relationship between lower SES and reduced task performance, poorer school grades, and, in a lower-SES subsample, lower academic skills. Notably, exploratory behavior was not static but instead fluctuated in response to reward during the task: greater reward boosted subsequent exploration. These findings suggest that learning disparities across SES may reflect not only what resources are available within the early environment but also internal decision strategies that shape how adolescents interact with and, therefore, learn from their environment.