It's called a "gap year". So the student defers some of his/her tertiary education to travel (usually). This could happen before or even during the student's tertiary studies.

It's very common in the UK for school-leavers aged 18 to take a year out between school and university. Most work for a few months to save some money and then spend the rest of the year travelling abroad. Many spend up to half a year travelling around, particularly in Asia. Some secure a place in higher education before this 'gap year' and then take up their place the following autumn. Others wait until their year off is over before deciding what to do.