Obama daughter set for gap year before Harvard, but it's not for everyone

Obama daughter set for gap year before Harvard, but it's not for everyone
Financial advisers say taking a year off needs to be structured to pay off.
MAY 12, 2016
A gap year such as the White House announced Malia Obama will take after graduating from high school next month and before she starts at Harvard University in 2017 can benefit some young adults along their scholastic journey. Or, it can be a waste. Financial advisers give gap years a mixed review. Without a concrete plan for what to do during that time and how to pay for it, a gap year may be a bad investment, some advisers said. In some cases, the student might be better off slogging through and going right into college. “It's unlikely these kids are going to find themselves during that year,” said Donna Skeels Cygan, president of Sage Future Financial. “I'm not a fan of gap years.” Taking a year off before college, which has long been popular in the United Kingdom, is becoming more common in the U.S. as some parents feel their children need time after high school to unwind after years of demanding and stressful academics. They hope that when the student attends college the following year, he or she will be more focused on completing the degree in four years and securing a job. President Barack Obama and his family have not said why Malia, who will turn 18 on July 4, is taking the year off. They also haven't said what she plans to do over that period. Ted Jenkin, co-chief executive and founder of Oxygen Financial, said gap years can be a positive experience for children who use them to gain practical work experience before dedicating four years to a particular area of study. They also can make sense for kids who want to delve deeper into work they are doing with their religious community or for those who seek to become more worldly before embarking on college, he said. But Mr. Jenkin is not a fan of gap years that consist of wandering the globe and depending on parents for cash. “If they are working, a gap year should be funded by the child and he or she should be expected to pay regular bills, the same as they will be expected to take on after college,” such as rent, auto insurance and cell phones, he said. Even the American Gap Association contends that gap years are not right for every student. But the group has shown that most who take the year off do end up attending college. Its research shows that within one year of a completed gap year, 90% of students are actively enrolled in a four-year institution. Ms. Cygan said a gap year where a young adult is volunteering their time for a cause could be a useful experience under the right circumstances. “Volunteering for a year and realizing that the world doesn't revolve around them,” can be worthwhile as long as parents can afford to fund the child for another year while he or she isn't going to school, she said.

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