This student has some options if willing to apply and go where financially feasible at this point in time.
Sometimes a student has stuck that they want to go a place where they would get merit if they applied before deadlines.
Most students would not do a gap year.
A gap year would give a year of maturity perhaps for some - not that it is part of this students’ needs on his personal balance sheet.
Cannot always count on certain earnings after 4 year degree, after professional school. May not make it through professional school or even get in. There are external things that do happen.
One can use math to say it is good to finish HS in 3 years, or finish UG in 3 years. However those are wonderful years to learn/grow in many ways. Something can be said about the journey.
For some, and extra $40K plus all the interest accruing, then all the professional debt…
One cannot assume a school will meet full need, nor that the parents will take out the additional loans necessary.