Based on biographical interviews from a three-generation study in Norway, this article examines the place of the contemporary "gap year" within life course transition trajectories and intergenerational relations embedded in wider patterns of social inequality. Under the heading of taking a gap year, young people on "academic transition trajectories" are often granted a time out after upper secondary, during which they can recuperate from competitive school experiences and resolve uncertainties about which type of higher education to pursue. For those following "vocational transition trajectories," in contrast, a gap year appears irrelevant and out of the question. The timing of their educational decisions in the life course does not coincide with arrangements for a legitimate break. Whereas a gap year before university may be seen as understandable and even beneficial, a person taking a break before or during vocational education is more likely to be described as a "dropout" or an "early school leaver." Based on empirical analysis, the article discusses similarities and differences between contemporary gap years in Norway and what Erik Erikson described as the institutional moratorium. Young people's access to the moratorium of a gap year appears to be a privilege unequally distributed in the population.