Financial Perspective on a Gap Year

A 'Gap Year' is when you take a year 'off' between the end of high school and the start of college. Taking a gap year seems to be increasing in popularity based on all the articles I've read recently. Traditionally the reasons to take a gap year have been to pursue some passion, mature for a year before starting college or to decompress from an intense high school experience.

This New York Times article describes a few 'financial' reasons to consider a gap year, especially in light of the current economic turmoil. It suggests several ways that a gap year can help relieve pressure on a family's near-term financial situation or provide access to new student loans and grants that will become available in 2010.

The other interesting tidbit I learned is:

"Students who have already applied for admission, who now may be waiting to hear where they got in, can simply ask to defer for a year, something college officials say they usually accommodate."

Until now I didn't know how easy or difficult it was to be granted a deferred admit. For some students this could be an attractive option -- especially this year.

(Update) Today's the day for gap year articles I guess. Here's one that I found in the Atlanta Journal that illustrates some of the more 'traditional' benefits of taking a gap year.