No one decides to go to college expecting to drop out. But there are times when extenuating circumstances, or even self-discovery, can show you that college isn’t the best option for you right now.
And it’s not uncommon, either: 40% of college students don’t complete college within six years, according to the National Center for Education Statistics.
Taking a break from college is a hard step and can feel like a failure for some people. But in many cases, it’s the smartest move. Here’s how you can decide if it’s the right choice for you.
Taking a break from college: 6 times it makes sense
1. Facing a financial hardship
2. Dealing with a personal or family crisis
3. Grades are slipping
4. Not sure college is right for you
5. Unsure of your major
6. Got a great job offer
Sticking with college when it’s not right for you can waste time and money, damage your academic record and create needless student debt.
On the other hand, taking a break from college when you think you should can help you. You’ll preserve your good GPA and academic performance and remain eligible for financial aid.
Plus, if you do it the right way, you’ll leave the door open for possible re-enrollment if you decide to go back to college down the road.
Below are some common situations when taking a break from college can be your best way to find a path forward.
1. Facing a financial hardship
Facing a financial hardship that leaves you without the funds to pay for college is a legitimate reason to pause your education.
For instance, perhaps a parent who is covering college costs lost their job or is otherwise unable to help you financially. Maybe you have a financial emergency of your own (like an expensive car repair or a medical bill) that eats up your college budget.
When something comes up that derails your financial plans for college, it can be worthwhile to step back from school. Take the time you need to work, earn and save money. That way, you can get back on your feet and continue your education.
You’ll also avoid some of the negative consequences of remaining in college, such as poor academic performance or racking up unaffordable student debt.
2. Dealing with a personal or family crisis
A family or personal crisis can directly affect your ability to function and perform well in college.
As a college student, you might experience a death, disability or illness in the family that leads you to consider taking a break. Or your own health or wellness issues could arise while you’re enrolled.
In these situations, you might need to consider taking a year off during college to grieve, help your family recover or otherwise get back on your feet in your personal life before continuing your education.
Don’t hesitate to reach out to professors and college administrators during this time. They usually are willing to help you out in these special circumstances and minimize the negative impact on your academic record.
3. Grades are slipping
Another reason to consider taking a break from college is if your academic performance is poor and your grades are low. If you’re struggling to keep up with schoolwork or stay motivated in class, that’s a red flag.
Poor academic performance does more than hurt your GPA; it also can put your financial aid eligibility at risk. If you get bad grades or fail multiple classes, you could fail to make “satisfactory academic progress” — and lose access to financial aid.
Taking a break from college can help you understand and address the issues that are holding you back in your studies. You can spend some time outside the classroom to resolve any obstacles to academic success without damaging your record or GPA.
4. Not sure college is right for you
Maybe you’re among the many young adults who enroll in college because it feels like the next step — some students, for example, feel pressured by their parents to continue their education. Or maybe you know you want a degree, but don’t yet have a clear plan for what to study or how college might fit into your future goals.
If you aren’t sure whether college is right for you, taking a semester off to work, travel or just catch your breath can give you time to figure out what you want without wasting money on tuition.
5. Unsure of your major
“One reason a student might benefit from withdrawing from school is if they decide they do not like the major they’re pursuing,” said Brian Morris, communications coordinator for textbook exchange website Direct Textbook.
“Switching majors midstream is costly anyway, but continuing to take unnecessary credit hours only adds to debt,” said Morris, adding that students should take a break, explore and even work in different career fields before returning.
“By doing so, they can save on college expenses and potentially earn money to put toward a degree they really want,” Morris said. “Plus, they can determine whether they truly want to pursue that degree.”
6. Got a great job offer
Let’s say you receive a great full-time job offer before you finish your degree.
For many people, college is a path to the career they want. But if you can land your ideal job and income without a degree, it’s worth considering — even if it means dropping out of school mid-semester.
Just make sure you understand how completing a degree could affect you down the line. Your current employer might not care about an incomplete degree, but that doesn’t mean the next one won’t.
What’s more, you might be able to finish your degree while working and “perhaps even work out an arrangement in which [your] employer helps pay for [your] school,” according to Morris.
Steps to take when taking a break from school
1. Understand how dropping out affects student aid
2. Meet with a financial aid officer
3. Talk to a college advisor
4. Find ways to continue earning credits
5. File a withdrawal or leave of absence
6. Know your student loan repayment options
Learning how to take a year off during college the right way can make a world of difference in terms of how easy it is (or isn’t) to return to school.
Follow these steps and make sure you understand all the implications of dropping out of college and how to set yourself up for success — whether you go back to school or not.
1. Understand how dropping out affects student aid
If you end up dropping out of college mid-semester, you might lose your scholarship or, worse, be required to repay financial aid, including grants.
2. Meet with a financial aid officer
You should meet and speak with your financial aid office. A financial aid officer can review the specifics of your situation and tell you whether you will need to repay financial aid.
They also can help you understand how a withdrawal could affect your financial aid eligibility and explain how to re-enroll in the future.
3. Talk to a college advisor
You also might want to meet with an academic advisor to discuss your plans and options. They can help you create a path to reach your goals, whether it’s a job that might not require a degree or an eventual return to college.
4. Find ways to continue earning credits
“There are ways to stay on track while taking that break,” said Adrian Ridner, CEO and co-founder of Study.com.
“Get creative and explore alternative credit options like online courses or competency-based exams,” Ridner explained. “Just be sure to check with your college about whether the credits will be eligible to transfer.”
5. File a withdrawal or leave of absence
You should make your withdrawal from school official with the registrar’s office. Make sure you ask for and fill out all required forms, so your enrollment status is up to date.
6. Know your student loan repayment options
In most cases, student loans are due six months after enrollment ends. If you’re dropping out with student loans, do some research about student loan repayment options that can help.
Options like income-driven repayment, deferment or forbearance can help with unaffordable student loan bills.
Although taking a break from college can be scary, that doesn’t mean it’s not the right move. If life is overwhelming or you’re confused about where you’re headed, taking a break from school can give you the space to work through your challenges.
Andrew Pentis contributed to this report.
Need a student loan?
Here are our top student loan lenders of 2022!| Lender | Variable APR | Eligibility | |
|---|---|---|---|
 | 1.19% – 11.98%1 | Undergraduate Graduate | |
 | 1.87% – 11.97%*,2 | Undergraduate Graduate | |
 | 0.94% – 11.44%3 | Undergraduate Graduate | |
 | 1.64% – 11.45%4 | Undergraduate Graduate | |
 | 1.89% – 11.92%5 | Undergraduate Graduate | |
 | N/A6 | Undergraduate Graduate | |
 | N/A7 | Undergraduate Graduate | |
 | 0.00% – 23.00%8 | Undergraduate Graduate | |
| * The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers. 1 Important Disclosures for College Ave. CollegeAve DisclosuresCollege Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a first year graduate student borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 4/19/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term. 2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply. 3 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest. Earnest DisclosuresActual rate and available repayment terms will vary based on your income. Fixed rates range from 3.49% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.19% APR to 10.14% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. 4 Important Disclosures for Ascent. Ascent DisclosuresAscent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: AscentFunding.com/Ts&Cs Rates are effective as of 05/01/2022 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions, please visit AscentFunding.com/Cashback. Cosigned Credit-Based Loan student borrowers must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs are available for the most creditworthy applicants and may require a cosigner. 5 Important Disclosures for SoFi. Sofi DisclosuresUNDERGRADUATE LOANS: Fixed rates from 3.47% to 11.16% annual percentage rate (“APR”) (with autopay), variable rates from 1.89% to 11.92% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.60to 11.06% APR (with autopay), variable rates from 2.59% to 11.82% APR (with autopay). PARENT LOANS: Fixed rates from 4.48% to 11.16% APR (with autopay), variable rates from 1.69% to 11.92% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 05/04/2022. Enrolling in autopay is not required to receive a loan from SoFi. Loans originated by SoFi Lending Corp. or an affiliate (dba SoFi), licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org). 6 Important Disclosures for Citizens Bank. Citizens Bank DisclosuresUndergraduate Rate Disclosure: Fixed interest rates range from 3.47% – 9.99% (3.47% – 9.35% APR). Graduate Rate Disclosure: Fixed interest rates range from 4.47% – 9.49% (4.47% – 9.29% APR). Business/Law Rate Disclosure: Fixed interest rates range from 4.45% – 9.49% (4.45% – 9.29% APR). Medical/Dental Rate Disclosure: Fixed interest rates range from 4.43% – 8.99% (4.43% – 8.47% APR). Parent Loan Rate Disclosure: Fixed interest rates range from 4.80%-8.23% (4.80%-8.24% APR). Bar Study Rate Disclosure: Fixed interest rates range from 7.39% – 12.94% (7.40% – 12.83% APR). Medical Residency Rate Disclosure: Fixed interest rates range from 6.99% – 10.49% (6.98% – 10.09% APR). ERL Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of May 1, 2022, the 30-day average SOFR index is 0.29%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%. Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer. Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review. Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at any time. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount. 7 Important Disclosures for Funding U. Funding U DisclosuresOffered terms are subject to change. Loans are made by Funding University which is a for-profit enterprise. Funding University is not affiliated with the school you are attending or any other learning institution. None of the information contained in Funding University’s website constitutes a recommendation, solicitation or offer by Funding University or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service. 8 Important Disclosures for Edly. Edly Disclosures1. Loan Example:
About this example The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment. 2. Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply. |
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