Here’s How Taking a Gap Year Affects Financial Aid

Are you considering taking a gap year but are worried about how it’ll affect your financial aid? Many students take a gap year right after high school to explore their options before committing to a curriculum. However, it’s important to know the possible setbacks that can come with such a journey so you can confidently decide if it’s something you can benefit from. The friendly advisors at College Funding of Tampa Bay are here to inform you of everything you need to know about gap years and financial aid.

What Is a Gap Year?

Many people might hear the term “gap year” and assume that it literally means just taking a year off of school. A gap year isn’t a vacation, but rather a way of trying out different things to help you find your true calling. It can come in the form of paid work, volunteering, or traveling the world. Although many students will take their productive leave right after graduating high school, some students will take their gap year a short while into college if they feel like they may be going down the wrong path.

Deferring Your Application

There are many schools that recognize the benefits of taking a gap year and will offer students incentives to encourage them to do so. Depending on the institution, you may be able to apply to the college or university and ask for a deferment so that your application will be held until you come back from your leave. Some schools even offer programs that allow any gained experience to be transferred over as college credit. You can refer to the official Gap Year Association list of accepted schools to see if your institute of choice qualifies.

FAFSA and Gap Years

Even if you fill out your FAFSA before your gap year, you’ll need to apply again when you come back as if it’s your first year attending college. FAFSA forms need to be resubmitted every year regardless, and there’s a good chance that your financial information may have changed if you worked a paying job during your gap year. There are also other factors that can alter your situation such as:

Multiple Students in a Household

When more than one student occupies a single household, financial aid awards and qualifications can get a little tricky. This will especially be the case if taking a gap year would cause one person to begin college the same year as another. The expected household contribution could go up and the amount to be awarded could become diluted between the two students.

Affordability

Taking a gap year could end up costing more than just going straight into college because of the expenses that come with traveling. Lodging, transportation, and food are just a few things to think about when going out on your journey to find your muse.

Income

Any income gained during the gap year would have to be recorded on your FAFSA which could affect how much you qualify for. Your expected family contribution may increase and leave you unable to maximize your financial aid.

Delay Availability

Since financial aid is on a first-come, first-served basis, delaying your attendance to college could push you down the list of qualifying students.

Student Status

Certain gap year programs may list you as a transfer student rather than a first-year freshman even if you had not officially attended the college yet. This is especially the case if your gap year activities count towards college credit. This may not mean much to some people, but it’s possible that some benefits or programs only include actual freshman students.

Should You Take a Gap Year?

With many possible setbacks to the amount and availability of financial aid that you could be receiving, is it worth it to take a gap year? That all depends on your goals. Many students graduate high school with no clear career plan and spending a year in the field helps them find what they want to do. Even if you are extremely positive about what industry you want to get into, it’s very possible for you to change your mind once you’re in the thick of it. Gap years act as a confirmation of your aspirations and keep you from wasting time on a curriculum that you won’t like after you’ve already received your degree.

Take a look at this list of pros and cons to help you weigh your options:

Pros	Cons
● Actual field experience ● Looks fantastic on resumes ● Build your network	● May lose will to continue education ● Time away from your peers ● Can cost more

Need Assistance?

If you’re still not sure if taking a gap year is the right choice for you, speak with an advisor from College Funding of Tampa Bay and we’ll help you weigh your options! Give us a call at 813-437-3386 or send us an email so we can help you plan your course for higher education.