Take a year for yourself
By Daniel Jimenez • Bankrate.com

I'd bet a million dollars that somewhere along the line you've thought of taking a long break from the life you're living. I'm talking about packing up your bags and trying something totally different from anything you've done before. Well, say good-bye to your college buddies or co-workers, dear dreamer, because I'm going to tell you how to do just that without going broke or ruining your career.

Guess what mom and dad? I'm leaving school
Say you're in college and you've already changed majors 15 times when you start thinking, "What the heck am I doing here?" Don't panic. Career counselors at various universities say that it's very common for students to ask for advice about their taking time off from school to explore other interests. Lynn Millburne, director, Career Center, University of Texas in Austin, states that students who are confused about their future plans can benefit greatly from such a break.

"There's a myth that at 18 or 19 years old you should know what you're going to do for the rest of your life," says Millburne. "[Taking time off] can really be a strong advantage."

Matt Birnbaum, director, Career Center, University of Colorado in Boulder, agrees with Millburne and adds that those students often return to school with a clearer understanding of what they'd like to accomplish.

"They come back and realize how much fun it is to be in class," says Birnbaum.

But counselors warn that you should only leave school for a valid reason. Not having enough free time to catch your favorite soaps doesn't cut it so save your lame excuses for your shrink.

Not ready to be a paid slave yet
So should you take time off for yourself if you've just finished college? Actually, this may just be the perfect time for you to do that, especially since it can pay off later when it comes time to get a J-O-B.

"[Those students] often walk into a job more mature than the student who walks straight into the work force," explains Millburne. "It's such a perfect time to do that because there are no children and there's not a home to worry about."

"If you did something constructive during that period it may increase your chances with employers," adds Birnbaum.

Unfortunately, there's one group that won't be so supportive of your quest to find yourself. Student loan officials will normally grant you a six-month grace period before they'll come looking for payback on your school loans. This rule also applies if you decide to leave school early as well. Special deferments may apply in extreme cases such as medical bills but only if you're still enrolled in school at least part time. If you don't plan on having a steady income during your sabbatical then your best bet is to apply for a financial hardship exemption as long as your earnings don't exceed that of a full-time minimum wage employee.

Take this job and shove it
It's not too late to go searching for excitement and adventure even if you're already a member of the walking dead, err, working class. Elif Ambruster was working as a journalist in New York City when she got tired of living a 9-to-5 existence in a cubicle world and decided to make a bold career move. The then-23-year-old writer took off for Paris without doing hardly any planning beforehand and eventually spent two years there while working various jobs.

"It was the best experience of my life and it completely enhanced everything that came after it," says Ambruster

She enjoyed her experience so much that she repeated it at age 31. Ambruster rejected a tempting job offer from a New York City publisher in order to return to school and earn a graduate degree at the University of Maine. But the American Studies major made sure that she was financially prepared to compensate for having less income.

"My time off was really well planned [this time]," says Ambruster. "I had saved really carefully for the last 10 years just in case I had to leave my job and was unemployed for a while."

Ambruster's case is hardly unusual. Hope Dlugozima, co-author of Six Months Off: How to Plan, Negotiate & Take the Break You Need without Burning Bridges or Going Broke, helped interview more than 200 people who had taken similar sabbaticals while researching her book. Dlugozima, a career expert for iVillage.com, said she'd turned down an offer to backpack around Europe after her college graduation but never gave up on her dream to travel abroad. She eventually saved up enough money to leave her job and make her way to Prague where she lived for 18 months as an editor of an English language newspaper.

"The money fear is a real fear but more often people use it as a way to avoid doing something they fear," says Dlugozima. "But people should realize that what's important and worth getting excited about is not exactly always happening from 9 to 5."

Start spreading the news, I'm leaving today
Once you've decided to go for it, Dlugozima suggests contacting civic organizations, which offer grants and fellowships that can help you pay for a sabbatical. Here's a list of other factors that you should consider before you head off into the wild blue yonder:

• Leaving a loved one behind. "I was and am married when I left for Prague. I would tell people in relationships not to worry about that so much. It's very rare for two people to have the same mindset at the same exact moment. Try to get your partner involved by asking, 'Why don't you help me plan it?' Also, discuss ways to stay in touch."

• Explaining your reasons to friends and family. "You must have a good cover story. Don't tell people that you're leaving and you're not sure what you're going to do. Say something like I'm leaving on March 18th to go work for Habitat for Humanity. That way others can look at you and say, 'That person has a plan.' It makes things a lot easier on you. Announce it way in advance too instead of surprising people. Parents 'don't get it' a lot and this helps them understand," adds Duglozima.

-- Updated: Aug. 15,2002