Can I defer financial aid for college?

I'm considering taking a gap year, but I've already received a financial aid package from my college. Is it possible to defer the financial aid, and what would be the steps? Does it differ from school to school?

When you defer your admission to a college, the financial aid package that you were offered is typically not deferred to the following year. This is largely due to the fact that financial aid largely depends on your financial situation each year, which can change.

What you would typically do is resubmit your FAFSA for the upcoming school year during your gap year. You may then be offered a new financial aid package based on the financial information you submitted in this new FAFSA.

However, every college can have slightly different policies regarding deferring financial aid. It is very important that you reach out to the financial aid office at your school to get accurate and specific advice. They can guide you through the process, clarify any conditions of deferment, and tell you any next steps necessary to ensure you receive financial aid when you do decide to enroll.

Also remember, merit scholarships or other exclusive awards that you've been offered could be affected by taking a gap year. Some colleges will keep these awards for you, but others might not. Therefore, in addition to checking with your college's financial aid office about general aid, be sure to ask about any specific scholarships or awards you have received as well.