Graduate one year early. What next?

[Anonymous]

My DS will be graduating college one year early, in May '23, with a degree in Computer Engineering from UVA.  He will save about 42K in tuition/room/board/etc...He got a couple of job offers but turned them down because he wants to take a gap year and travel for a year before coming back and deciding between job and grad school.  He is asking if he can take that 42K and use it to travel around the world for one year.  DH & I already set aside money for his grad school.  He is still young, 21 years old.  I am leaning toward yes but DH is saying no at the moment.  What are the pros and cons?  Anyone gone through this with your kids?  Please share.

[Anonymous]

I wouldn't just give him the cash. Also, will he be traveling alone?

[Anonymous]

Personally, I’d make him work. Purse is closed.

[Anonymous]

He turned down the job offers to travel? Why is he going to grad school for CS? Massive opportunity cost there.

I think graduating early is a good idea for a lot of students, especially ones on loans.

[Anonymous]

Tough question. It depends on your kid. How strongly he wants to do this? What kind of person is he? A thoughtful soul or party kid? Might be better in the long run, but you know your kid the best.

[Anonymous]

No. It’s so hard to pick back up in a stem field if you set it aside for 365 days solid.

[Anonymous]

I have a kid who may graduate a year, or at least a semester early, and it never occurred to me that he's "owed" that tuition savings.

I might consider using it to buy my son a car, or to go towards a down payment on a house. But around the world for a year? No. If it's my kid's decision to turn down job offers, it's his dime he can travel on.

[Anonymous]

Anonymous wrote:I have a kid who may graduate a year, or at least a semester early, and it never occurred to me that he's "owed" that tuition savings.

I might consider using it to buy my son a car, or to go towards a down payment on a house. But around the world for a year? No. If it's my kid's decision to turn down job offers, it's his dime he can travel on.

Yeah, I am in agreement with PP. Offer to use those $$s for something the kid needs or an asset like a house. Any of the jobs he has been offered fully remote? Perhaps he can get a remote position and then travel.

I might agree to give him $10k to travel and see how far it gets him.

If the $$$s are in a 529 you will have to pay taxes and fees to withdraw for non-educational purposes, so you should factor that into the calculations.

[Anonymous]

Post college gap year isn’t a thing. He’s got the wind in his sails for job opportunities now. Maybe the answer is a compromise? Take a job, ask to start in the fall, travel over the summer.

[Anonymous]

market is changing. i think it's a bad time to do that. if money is in 529, you will have to pay penalties to do that

[Anonymous]

I would give him some money to do a month. Maybe two months but no on the one year and the 42k. It seems like that he is still immature if he even thought that was an option. He should have taken the job with a delayed start.

[Anonymous]

OP here.  There is a little bit more to the story.  My oldest DS took almost 5 1/2 years to graduate from UVA because he changed majors several times.  It took the younger one three years to graduate so according to him, he saved us 2 1/2 years in tuition/room/board/etc.. He feels that he should not be penalized for graduating early and that he should be awarded with the 42K.  He turned down offers from Apple and Lockheed because he wants to go back to school for his MS and PhD program with the intention of going into academia.  He purposely wanted to graduate early because he wants to see the world before heading back into the grind of academics. He will travel with three other "trusted" people so he will be OK.  DH is against giving him that 42K for traveling purposes and right now, they are not talking to one another because of this.

[Anonymous]

when you actually do it, it's not as sexy as it sounds. does he even like out-door stuff like camping, hiking...etc. Does he have enough common sense to get himself out of sticky situation?

[Anonymous]

Anonymous wrote:OP here.  There is a little bit more to the story.  My oldest DS took almost 5 1/2 years to graduate from UVA because he changed majors several times.  It took the younger one three years to graduate so according to him, he saved us 2 1/2 years in tuition/room/board/etc.. He feels that he should not be penalized for graduating early and that he should be awarded with the 42K.  He turned down offers from Apple and Lockheed because he wants to go back to school for his MS and PhD program with the intention of going into academia.  He purposely wanted to graduate early because he wants to see the world before heading back into the grind of academics. He will travel with three other "trusted" people so he will be OK.  DH is against giving him that 42K for traveling purposes and right now, they are not talking to one another because of this.

Oh brother. He is definitely immature and sounds terribly entitled.

[Anonymous]

I wouldn't give him 42k, but I would tell him that he's an adult and if he wants to figure out a way to travel before working full time or grad school I will support him.