I currently have an HPSP scholarship for next year. It's a 4 year scholarship (although there is also a three year scholarship). The time committment after the med school is 4 years. My scholarship is with the airforce, so all I can tell you is what their commitment (and benefits) are. You can be deployed overseas (like to iraq or someplace crazy like that) for 45 days for each 18 months that you are on the scholarship. The rest of the time, you will be on a base in the U.S./Western Europe etc. This means that by the time I finish med school I could be sent to iraq for about 4 months...
Now for the money aspect....you will make less money in the military than you would if you were out in the real world once you finish medical school. However, you must realize that you will have no debt to pay on, whereas other people will be forking over around $10,000-$20,000 a year to their student loan companies. Plus, you did earn around $80,000 while you were in medical school (which obviously other people didn't). Given these considerations I'm fairly certain that I'm going to break even, and possibly be a little bit ahead of everyone else. If however you choose to do a millitary residency instead of a civilian residency, you are going to make about double the money (around $65k a year instead of $30k). This is because your rank will be raised to after med school (and therefore your pay goes up a LOT). Also, because you are military, you get a lot of benefits-health insurance, dental insurance, reduced cost food (buy on base), reduced cost housing (live on base)...etc, etc, so by the time everything is said and done, you are going to be WAY ahead (in terms of money) of all of the people that went the traditional route
There is so much wrong with your information, I don't even know where to begin. I feel so sorry for you. I felt misled in terms of the residency selection opportunites but you have a very poor understanding of even the most basic details of the program. I wish your recruiter wasn't so good at his job.
-There is no such thing as a 4year committment, every contract is an 8y contract. Beyond the trap of doing a GMO tour and reapplying via the military match (and therefore accruing an extra year of comittment) even if you do owe just 4y of AD time, there are still 4y of IRR time to contend with. I haven't heard of any medical people being call up from IRR but if the non-medical military is any indication, the likelihood of future IRR activations is high. Simply put, don't be surprised if you end if paying back well over your "4 year" committment.
-Deployments: You can not be deployed as a student, much less overseas. You can and will be deployed after residency. Currently, the AF advertises 4mth guarenteed deployments in any 18mth period. However, as a prior service Army MP, I can tell you that the military doesn't have to honor this. As of 2003, the Army promised 12mth deployments-- ask my boyfriend how much he enjoyed his 15 month deployment. Its impossible to see what the future holds but dont be surprised if the duration and freq of deployments is increased by the time you're on AD.
-Salary during medical school: I think the 80k is a bit of an exageration as I only made 17k on this year's tax return and I have a part time research job. At any rate, you will not be living high on the hog. If you have children/spouse you'll likely be taking out money just like your classmates.
-Residency salary: Once again, your recruiter has exagerated the numbers, the typical O-3 <2 will be making~58k, the worse residency pay I have seen is 39k-- far from the 35k spread your recruiter is advertising. And this is *only* if you do a military residency.
-Benefits: As a former-dependent, I can tell you that back in the day, the Comissary and BX were a benefit. There is very little (with the possible exception of perfume and electronics) that I can't get at Walmart, Target, HEB/Kroger's/Meier's, etc.for cheaper.
Looking at things very objectively, for the average person, doing HPSP will put you behind your peers financially. However, making good decisions during med school and residency can put you in good steads. Receiving HPSP allowed me to qualify for a mortgage on a condo bc it counted as having an income. I also plan on continuing to invest the "extra" money that I will receive if I do a military residency. But don't fool yourself-- HPSP is not a financial windfall and could never outpace the possible earnings in civilian sector. PM if you have any questions.