The short answer is “yes.” It is possible to succeed without college. But the longer answer is that succeeding without college—especially to the level that Gates, Zuckerberg, and Jobs did—is the exception, not the rule. To have a truly successful career, earning a college degree gives you a clear advantage.

Through volunteer work, leadership, and philanthropic contributions, public university graduates enrich the civic and economic life of their communities. They also contribute more in taxes and are less reliant on government services than their peers whose highest degree is a high school diploma.

College-educated workers enjoy a substantial earnings premium. On an annual basis, bachelor’s degree holders earn about $32,000 more than those whose highest degree is a high school diploma. The earnings gap between college graduates and those with less education continues to widen.

If you do not go to college right after high school, you could miss out on some life-changing experiences that can shape who you are and what you believe in. Many schools offer internship programs which can help you get your foot in the door, and most schools offer some kind of job placement opportunities as well.

Taking a gap year before college will allow you to perform better when you do attend college. This is due to many reasons, but the main factor is that having a year of time off between the end of high school and the beginning of college will cause you to take your education more seriously.

If you take a gap year, you may find your award amount changes because colleges and universities have a certain amount of federal aid to give away each year. The biggest downside to the FAFSA is filling it out every year, which means when you take a gap year, you’ll need to resubmit for the next academic year.

Most counselors and college admissions officials encourage high school seniors to apply and get accepted to college before taking a gap year. Reardon says students should apply to college while in high school because their junior and senior years are set up to support the college application process.

According to a recent survey, up to 40 percent of students nationwide are seriously considering taking a gap year.

A big reason why so many universities are encouraging students to do gap years is because they’re coming to recognize that gap years can actually help develop a number of practical and interpersonal skills, as well as demonstrate a commitment to volunteerism, service and global engagement.

3. The Con: You might lose momentum. A really common fear among gap-year takers, and their friends and families, is that one year off will turn into another and another. It’s easy to get caught up in this fear and worry that you’ll never make anything of yourself if you dare to take a year off from school.

Students who have done gap years are more likely to graduate in four years or less compared to the national average of six years. The time spent reflecting and learning about potential interests can help students make a more informed decision when picking their major and connect better with their selected field.

CON: You risk losing your academic momentum. The best case scenario for taking a year long break from your studies is returning to them feeling refreshed and motivated. Worst case scenario is that you lose academic momentum completely.

Some students come to their gap year having already been accepted to college. These students simply defer their admission for a year while pursuing an approved independent gap year in the interim. Starting college then becomes as simple as sending a deposit and showing up for the fall term the following year.