Considering HPSP and need some advice regarding loans.

[OddBroccoli]

After finally being accepted I began looking into financial aid options. I've heard of the HPSP from the plethora of emails from random military recruiters. I'm trying to figure out the best option for financial aid and looking for some advice maybe from a student who has entered residency through the HPSP with a family. I have a wife and a child of five months. I don't know exactly what specialty to enter yet. I do know that I am not interested in family medicine. I wouldn't mind IM because of its many subspecialties. I am hesitant to sign onto the HPSP for residency purposes. If I understand correctly if I don't match through the JGMESB then I become a GMO making some pretty sad money. Due to my family situation, I like the $2,000 stipend just to help with housing. My wife and I would like to get a loan to purchase a dinky little house as the housing is decently priced at the area. I just need more info before I commit.

Besides FAFSA what other options do I have for loans? I know there are private loans, can I use these for housing food, other expenses?

I am the first in my family to go to med school and my family cannot afford to loan me money to help with rent/food/living expenses, how do students do it currently? Should the HPSP be on my options?

Sorry for the random barrage of questions I have very limited number of contacts for med school.

---

Members don't see this ad.

 

[DOVinciRobot]

Only do HPSP if you truly desire to serve in the military. Don't do it just for the money.

I did med school with multiple children. You will likely have to take out the full COL from your loans.

 

[GoSpursGo]

Agree with above, you should not do HPSP for financial reasons as it comes with many strings attached. It is only worth it if the military service is a positive to you.

You'll need to work closely with your financial aid office. In general, the idea of taking out a loan so that you can buy a house sounds dubious.

 

[OddBroccoli]

Only do HPSP if you truly desire to serve in the military. Don't do it just for the money.

I did med school with multiple children. You will likely have to take out the full COL from your loans.

Just curious. Were you with a SO during school? Did they work during your schooling?

 

[OddBroccoli]

Agree with above, you should not do HPSP for financial reasons as it comes with many strings attached. It is only worth it if the military service is a positive to you.

You'll need to work closely with your financial aid office. In general, the idea of taking out a loan so that you can buy a house sounds dubious.

Thanks for the reply.

 

[DOVinciRobot]

Just curious. Were you with a SO during school? Did they work during your schooling?

Yes I was with my wife and no she did not work.

 

[DOswag]

Agree with above. I'm an active duty psychiatrist that did HPSP. Don't do it unless you absolutely want to be in the military. Depending on specialty, you'll have an abundance of administrative burden that is soul crushing. I can't speak to other branches but for Air Force, you don't necessarily go GMO/flight surgeon if you don't match. I didn't match my first time through applying for residency ( I applied EM). Got deferred to a civilian transitional intern year (turned out to be a great year though), came to my senses that EM wasn't for me and reapplied to psychiatry. Super happy I'm in psych now, but psych in the military is a beast that looking back on, probably should've taken the loans. However, if I had not done HPSP, I would've missed out on a cool first assignment and probably would not be moving to the city I'll be moving to this summer after I separate.

I also did med school with a wife who stayed home, had one child through most of school, had our second child in Dec of 4th year, had our 3rd child in 3rd year of residency, had our 4th right after covid hit in 2020. I also still have some loans so I didn't come out completely debt free, just less than classmates. I probably would've made a substantial amount more money if I'd been civilian for the past 3.5 years though than I have as a military physician.

 

[OddBroccoli]

Agree with above. I'm an active duty psychiatrist that did HPSP. Don't do it unless you absolutely want to be in the military. Depending on specialty, you'll have an abundance of administrative burden that is soul crushing. I can't speak to other branches but for Air Force, you don't necessarily go GMO/flight surgeon if you don't match. I didn't match my first time through applying for residency ( I applied EM). Got deferred to a civilian transitional intern year (turned out to be a great year though), came to my senses that EM wasn't for me and reapplied to psychiatry. Super happy I'm in psych now, but psych in the military is a beast that looking back on, probably should've taken the loans. However, if I had not done HPSP, I would've missed out on a cool first assignment and probably would not be moving to the city I'll be moving to this summer after I separate.

I also did med school with a wife who stayed home, had one child through most of school, had our second child in Dec of 4th year, had our 3rd child in 3rd year of residency, had our 4th right after covid hit in 2020. I also still have some loans so I didn't come out completely debt free, just less than classmates. I probably would've made a substantial amount more money if I'd been civilian for the past 3.5 years though than I have as a military physician.

Thank you for the information.

 

[mbdriver]

If you're definitely not interested in pediatrics, then you should look into a VA HPSP scholarship as it's funded similarly to a military HPSP scholarship but it does not require you to enter the military. It generally supports more specialty paths except for pediatrics. It requires you to work in the VA system after residency, but you can't be deployed, no fitness tests, etc.