Op,
My dd did not have a plan by 5/1 for her gap yr. but she did want to take one. So she asked them if it was ok to give final notice about the gap after the deadline and they said ok. She spent lots of time putting together a plan to travel and work abroad in 2 countries at a cost of less than $3k. In the end, she decided not to take the gap because I think she wanted to start with the rest of her class. But just the thought of a gap and knowing that she could take a gap made her decompress a little.