Although you understand how important it can be for your young adult to experience what is considered to be a rite of passage when they decide to make gap year travel plans, it can create a financial burden that you have to contend with.
Here is a look at how reliant children still are on their parents to help them with the financial assistance they need to make their gap year happen, plus an insight into the typical costs involved, how to work out a budget, and tips on getting some financial aid.
Parental payments still on the agenda
Although the general concept behind an overseas gap year travel trip is the that it provides the opportunity for your child to gain some independence and fend for themselves, it seems that there are still plenty of parents who are called upon to fund their travel trip.
The total amount that parents are estimated to contribute towards their children’s gap year travel plans is north of $100 million annually, and this means that you will probably be looking at spending several thousand on ensuring they turn their plans into a reality.
Some parents even think about obtaining a personal loan to help them with the cash they need to cover any shortfall in funding after taking into account any savings and fundraising activities your child has done to earn some money towards the total sum required.
Calculating the cost
The aim is often to try and do the gap year on a tight budget and with economy as a key criteria but even allowing for that budget-minded mindset there are a number of costs that will need to be found.
Travel insurance is an important consideration and not something to skimp on in order to save money. On top of that, parents are also often asked to pay for flights and accommodation plus some money for food and other expenses.
Add all that together and it could come to a significant sum of money that you will have to find your child to be able to take their gap year and have everything they need.
Getting some extra financial assistance
Funding a gap year tends to involve a combination of several different cash generating options, so alongside cash from parents, fundraising activities, and any savings already earmarked for the trip, it makes sense to see if you can get any financial aid as well.
There are various options potentially open for gap year students and you should aim to look into program-specific scholarships and grants to see if your child meets the various requirements that allow them access to some much-needed financial assistance.
There are many different schemes and options available so it might take a while going through all the relevant ones to see which one seems most suited to your gap year student child.
It is well worth the effort trawling through all the schemes on offer to find the right one, especially if you are offered some cash towards the trip that helps to ease your own financial burden and makes the trip more affordable.