Hey guys,
Sorry for making another thread but I had a question about deferment. I graduated undergrad in the class of 2016 and have been accepted to a Podiatry school for the Fall of 2017. However, I wanted to take another gap year, both for financial and personal reasons. The latter more so since my summers will be spent in school and I wont have the time to do the things that I wanted to do.
Does anyone have any experience or know what I should do in this situation?
Thanks!
I was in a not too dissimilar situation as yourself. I wanted to defer mainly for financial reasons. At the time I was accepted, I was holding two jobs- one that paid a decent salary ($60k) and another part time job that paid for ALL of my housing expenses (rent, cable, water/power). So my total expenses were very minimal, no outstanding debt. I had the opportunity to save a lot of money. I had already saved some money, but knew I could save more if I was extra frugal.
Even though I was dead set on deferring, being extra judicious- I made a post on here and consulted some friends/family about deferring. They brought up some points that changed my mind.
One thing I did not consider is opportunity cost- while I could make a salary during that year and have some pocket money for Pod school- the most I could possibly save given everything was $45,000 (although the practical figure would certainly be less than this, but we'll use this anyway). So assume I would go into school with an extra $45k. That's great- who wouldn't want that?
But at what cost? That one year of gaining $45,000 delayed the onset of my seven year stint into my education (4 in school+3 residency), as well as one LESS year making, presumably, six figures- that is to say, the one year I worked at my old job is one less year I would be able to work as a Podiatrist before retirement. Assuming a salary of $100k, that means I am taking one year to make $45,000 now as opposed to an extra year to make $100,000 later, for a difference of $55,000. So I'd be leaving $55,000 on the table in the long haul.
In addition to the bottom line, the idea of working a job for a year that I knew was a dead end just did not entice me. Think about waking up for a job you have no aspirations to build anything towards- no reason to learn or improve yourself for advancement. Heck, the last few months at my last job were pretty dull as it was, knowing it was a matter of time before I gave my notice and moved on to a new chapter in my life. Couldn't imagine doing it for a whole year. Also- consider the possibility you lose that job due to unforseen circumstances- i.e., another recession or budget cuts leads to job loss. That would be a crappy year.
As far as the personal reasons- to do the things you want to do- unless you have a plan to travel the entire earth, you will still have time for it once you start school. I'd suggest, if finances permit, taking some time off before you move/start school to cross off the big ticket items. But taking a year for financial reasons doesn't make long term fiscal sense, unless you are already making >six figure salary, and requesting solely for personal reasons would have to be something relating to family (recent childbirth for you or spouse, illness, etc.). I'd strongly dissuade you from emailing or asking for deferment to pursue personal passions for a year. The admissions committee will likely resent the fact they accepted someone who wasn't itching to get started, and rejected someone who was. This is especially true for smaller schools, where small changes in enrollment have a greater percentage effect on incoming tuition.
