Q: My high school senior applied to colleges late and did not receive any scholarships to attend. Should he consider taking a gap year and applying again as a freshman or go to community college and transfer?

A: Taking a gap year can be a wonderful way to re-energize, focus interests, and gain maturity. Some students travel the world during their year off, but I'm guessing that if you are looking for scholarship money for college, an expensive program won't be in the cards. Other students save money for college by working or bolster their resumes with internships or service opportunities. It's also not too late to retake standardized testing if you think that higher scores might translate into more merit money. 

There are pros and cons to each option!

On the other hand, attending community college can be a great route for the student that wants to stay on the academic track and gain credits at a much lower cost than at a four-year institution. But do your homework! Some universities will only accept a community college transfer after they have completed the equivalent of two years of coursework. Others don't offer merit money to transfers. And always make sure that you are taking courses that are likely to transfer to a full bachelor's degree!