Funding Your Gap Year

Gap Year Funding Ideas

1. Savings and Employment:
• Work before your gap year: This is the most straightforward method. Get a full-time or part-time job and save as much as possible. Consider living expenses during your gap year to estimate how much you'll need.
• Work during your gap year: Find temporary or part-time jobs in your gap year destination. This can help sustain your travels or activities. Websites specializing in seasonal work or work exchanges can be helpful.
2. Scholarships and Grants:
• Gap year-specific scholarships: Many organizations offer scholarships specifically for gap year students. These may be based on merit, financial need, or the type of program you're pursuing. Websites like GoOverseas.com and the Gap Year Association can help you find these.
• Program-specific scholarships: Some gap year programs offer their own scholarships or financial aid. Check with the programs you're interested in.
3. Financial Aid:
• Federal financial aid: If your gap year program offers college credit through a partnership with a university, you might be eligible for federal financial aid, including loans and grants.
• 529 plans: If you have a 529 college savings plan, you might be able to use it for eligible gap year programs that offer college credit.
4. Fundraising:
• Crowdfunding: Platforms like GoFundMe can help you raise money from friends, family, and others who support your gap year goals. Be clear about your plans and how the funds will be used.
• Personal fundraising: Organize events like bake sales, car washes, or trivia nights to raise money.
5. Loans:
• Personal loans: These can be an option, but be cautious about interest rates and repayment terms.
• Student loans: If your gap year program is eligible for federal financial aid, you might be able to use student loans.

Important Tips:

• Start early: Planning and saving should begin well in advance of your gap year.
• Create a budget: Determine how much you'll need for travel, accommodation, activities, and living expenses.
• Be flexible: Consider affordable destinations or activities to stretch your budget.
• Talk to a financial advisor: They can provide personalized advice based on your situation.

Gap Year Funding Resources:

The Gap Year Association's Gap Year Funding Page
Discover: How to Pay for a College Gap Year
TeenLife: 4 Strategies to Fund the Gap Year of Your Dreams
Affordable Colleges: How To Pay For A Gap Year
Oyster Worldwide: Top 12 ways to fund a gap year
Julia Rogers, Enroute: How to Fund Your Gap Year