Can anybody elaborate on this website as to what the financial package consists of when you enroll in HPSP as opposed to just taking out loans? I have heard that the military is not worth it financially due to the lower than private sector pay during your four years of military service. But I don't think this statment takes into account the tuition reimbursement, stipends, etc...

I would be very interested in seeing a breakdown of the numbers (hypothetical, real numbers or otherwise) comparing whether the financial package the military offers is comparable to the private sector.

I am a patriot and would love to serve my country and am curious as to how the financial end of things plays out.

Thanks!!

Can anybody elaborate on this website as to what the financial package consists of when you enroll in HPSP as opposed to just taking out loans? I have heard that the military is not worth it financially due to the lower than private sector pay during your four years of military service. But I don't think this statment takes into account the tuition reimbursement, stipends, etc...

I would be very interested in seeing a breakdown of the numbers (hypothetical, real numbers or otherwise) comparing whether the financial package the military offers is comparable to the private sector.

I am a patriot and would love to serve my country and am curious as to how the financial end of things plays out.

Thanks!!


Its really comes down to what school you go to...An expensive private school like NYU or USC and you WILL come out ahead if your a GP in the military..

Obviously a cheap public school and it wont be as good..

For example, If I went to a school that costs say $300K+, I would have to make close to $200K after taxes right out of school to come out ahead..

You'd basically have to sit down and crunch the numbers for yourself depending on which school you go to..

What you have to remember when comparing pay and stuff is what you dont have to pay for, ie health, malpractice, etc... Being in the military probably will not make you rich, but you wont be poor either.

money is one thing. Another is that you have to be able to put up with the military BS. Losing your freedom where you want to go. For me, i am not a country boy who used to live around an army post in the middle of nowhere. Especially if you are single. You will be screwed big time. If you want to have a life like a monk for 3 years, then HPSP is not a bad deal. Also, you will lose lots of technical skills if you are just a 63A doing exams and simple operatives all day long. Army has the stupid system trying to categorize dentist. You will not be able to do endo, surgery, implants(never) at all!!!!!

you might want to look at this presentation:


http://www.cs.amedd.army.mil/filedownload.aspx?docid=593

Can anybody elaborate on this website as to what the financial package consists of when you enroll in HPSP as opposed to just taking out loans? I have heard that the military is not worth it financially due to the lower than private sector pay during your four years of military service. But I don't think this statment takes into account the tuition reimbursement, stipends, etc...

I would be very interested in seeing a breakdown of the numbers (hypothetical, real numbers or otherwise) comparing whether the financial package the military offers is comparable to the private sector.

I am a patriot and would love to serve my country and am curious as to how the financial end of things plays out.

Thanks!!

burton117,

Attached is my financial lifecyle in the Army (applies to all services). This is the pay lifecyle of a Comprehensive Dental Officer, so it may not apply to all. Just FYI. Well, the file is too large so send me an e-mail and I will e-mail the excel sheet to you.

Also, do view the website that umkcdds posted. It is a presentation by COL (Dr.) Kay Malone who was my Residency Director. He is not a person to try and decieve anyone.


SoonerFan

you might want to look at this presentation:


http://www.cs.amedd.army.mil/filedownload.aspx?docid=593

Again, the statistics look very persuasive. However, I just think that 1 year AEGD does not count towards the payback is not reasonable. My personal perferences is just trying to do my time and get out.

Thanks for offering your info.

my email is - sgsergey@yahoo.com

it would be great if you could send me your info

sergey


burton117,

Attached is my financial lifecyle in the Army (applies to all services). This is the pay lifecyle of a Comprehensive Dental Officer, so it may not apply to all. Just FYI. Well, the file is too large so send me an e-mail and I will e-mail the excel sheet to you.

Also, do view the website that umkcdds posted. It is a presentation by COL (Dr.) Kay Malone who was my Residency Director. He is not a person to try and decieve anyone.


SoonerFan

you might want to look at this presentation:


http://www.cs.amedd.army.mil/filedownload.aspx?docid=593
Link is down, anyone have a copy?

One of my biggest problems with that presentation are that they make it seem like everything will be your expense, malpractice, health insurance etc,. Truth most of these expenses get paid for by the "practice" and therefore are not subtracted or taxed from your paycheck in private practice.

The Military also likes to say that you get 100% health coverage for you and your family. That sounds great just like socialized health care, until you have a child who is horribly sick and you can't get an appointment for 4 weeks, and your told to wait at the ER for 8 hours with 200 other coughing/sick people hoping to get seen. But hey, it's free.

You can't compare apples to oranges. As the presentation tries to. It also doesn't take into account the average work week is 32 hours for most private practicioners, and the military is at least 40. More if your commander has you get up at 5:30 to do push ups and run. Or if you get to work 7 days a week in Iraq.

Sorry, I have some issues with the presentation. Mainly that instead of listening to all the CPT's, getting out to make more money, their answer is to say, "you really are making more than you think". Because I'm a dumb a%% and don't really know how much money is going into my account.

Sorry while I am on my soapbox, I think that 70-80k a year out of school in the military is very opptimistic. Reallity is it's more like 50k a year until you get your first raise at 2 years. It then jumps again at 3 years. But hey, you're making more than your paycheck says you are, just ask the military.

I couldn't open up the presentation, but I can give you an idea of how I see my financial picture with a 3 year active duty service obligation. First here are two benefits that will factor in...I only factored in the 1st.

1) An average annual health insurance premium = $5000
2) 25K loan through USAA at 2-3%

In my case, looking at 3 years active duty and estimating conservatively...
My total educational expenses for 3 years is about 200K with a total cost of living for that time of about 45K. My net stipend for those 3 years will be ~70K. My net salary for 3 years active duty would be ~135K. Don’t forget the interest on the loans I would have accumulated for 245K while in school. This comes to ~40K.

200K+70K+135k+40K+30K (3 years medical for both wife and I) = ~475K. So, I would really have to make 500K or more in the civilian world my first 3 years out.

Also note - this doesn't take into account all the interest I would have to continue paying on this loan amount following graduation

Not to mention I’ll be able to provide much more competitive prices in the market than someone paying 35K per year in loans upon finishing my service, hopefully attracting more clients.

Hope this helps.

Oh, in my situation, we plan on having kids as soon as I graduate.

I forgot to add up those costs. Textbook costs weren't included in my educational costs , NBDE costs. I'll try to come up with more as they come.

you also didn't factor in that you would be paying your loans in after tax income

I couldn't open up the presentation, but I can give you an idea of how I see my financial picture with a 3 year active duty service obligation. First here are two benefits that will factor in...I only factored in the 1st.

1) An average annual health insurance premium = $5000
2) 25K loan through USAA at 2-3%

In my case, looking at 3 years active duty and estimating conservatively...
My total educational expenses for 3 years is about 200K with a total cost of living for that time of about 45K. My net stipend for those 3 years will be ~70K. My net salary for 3 years active duty would be ~135K. Don’t forget the interest on the loans I would have accumulated for 245K while in school. This comes to ~40K.

200K+70K+135k+40K+30K (3 years medical for both wife and I) = 475K. So, I would really have to make 500K or more in the civilian world my first 3 years out.

Also note - this doesn't take into account all the interest I would have to continue paying on this loan amount following graduation

Not to mention I’ll be able to provide much more competitive prices in the market than someone paying 35K per year in loans upon finishing my service, hopefully attracting more clients.

Hope this helps.


No doubt, that's why I did it. It's just that the way things are presented is not quite reality. It's not a bad deal, it's just not as rosy as it's presented.