How To Pay For A Gap Year

A gap year for students is a break from formal academic study. Students may take a gap year after high school, or before entering college. They may also take a break while in college, or before starting graduate school. Some students take a semester off. Others take more than a year off. During this time away from the classroom, students may travel, complete internships, volunteer, or work part time or full time.

Gap year expenses vary. If you travel by air during a gap year, the flight to and from your destination typically comprises the largest expense. But smaller, incidental expenses can quickly add up. Some examples include daily transportation and laundry.

You can manage your gap year costs with a financial plan. Financing options include federal financial aid, scholarships, or grants. Read below for some advice on how to afford a gap year. As with all financial issues, speak with a financial advisor to receive guidance on how these tips and strategies apply to your personal situation.

Planning in advance eases concerns about affording a gap year. Creating your own gap year plan offers freedom and flexibility. However, you will have responsibility for handling — and paying for — all the details. A gap year travel agency can plan some or all of your experience. In exchange for paying a program fee, you will receive expert insight, advice, and support. The professionals will ensure that important details are not overlooked or left to chance.

If you will spend your gap year abroad, remember to budget for the time and money needed to obtain passports, visas, and other travel documents. Also keep in mind that the coronavirus pandemic — still ongoing when this guide was first published — may add complexity to travel planning.

If you plan an independent trip, understand that you will be responsible for all incidental expenses. Finally, some gap year planning best practices include developing a flexible itinerary and avoiding travel during any holiday periods.

You can use a variety of financial options to afford a gap year. First, you’ll want to estimate how much it will cost. And the cost will vary widely depending on the destination, and what you choose to do while you stay there. Many gap year programs cost between $5,000-$12,000.

Travel will likely make up a large portion of your costs — both to the destination and around the area during your stay. The Gap Year Association suggests including an analysis of your spending habits in this process. Once you’ve incorporated your estimated gap year costs into your financial plan, you can start saving. If you choose a gap year program that offers college credit, financial aid may cover some of the costs. Grants or scholarships may also help offset the cost.