"I actually was shopping with my girlfriend yesterday for her prom dress," the 17-year-old told PEOPLE at the Entertainment Weekly/Vavoom Upfronts party in N.Y.C. Tuesday night. "We're debating. But it's going to be fine. She's just grappling with prices."
So who is the lucky girl? Actress Alice Kremelberg, who's had guest appearances on Law & Order: Special Victims Unit and 30 Rock. (She currently has a small role in Tina Fey's hit Baby Mama.)
"[The dance] is June 13th – Friday the 13th," said Paolo – who already has a tux, thanks to the show's wardrobe department. "It's going to be awesome."
The Gossip Girl star, who describes himself as a "very caring boyfriend," said their acting careers haven't caused any tension in the relationship – yet.
"Sex scenes – we haven't had to deal with them yet," he explained. "I'm sure that will eventually become an issue." But, overall, "it's nice to date someone who understands the things that you have to deal with [as an actor]."
His role on a hit TV show has its perks, too. "We just had this Lucky magazine [swag event]," Paolo said. "I got her a bunch of jewelry, True Religion jeans. She's set. She has nothing to complain about!"