HSCP vs waiting for NHSC

[toothgrant]

Hey everyone, I need some (MAJOR) help:

I was just contacted by my Navy recruiter (after not having received HPSP) that I am able to take the HSCP, which is a little bit different. I am going to UPenn in August, so I think this program will help me pay for a little over half, but probably still come out with around 220k in loan debt (this was after some quick math lol), which is not great, especially as I'd owe 4 years of military service (making less money than someone in private practice) and right now I am interested in pediatrics, so I would have to do my residency AFTER the 4 years of service.

But, I've also applied to the NHSC scholarship for 4-years (much better in that my entire tuition is paid for plus the stipend, and I can do my pediatric residency RIGHT out of school, and pay back my time as a pediatric dentist rather than a general one). I don't know exactly when to expect to hear back about this scholarship, but the website says before Sept 30th.

Right now, I'm not sure what my deadline is to accept the Navy's HSCP, but I don't think it will be later than when I would hear back from NHSC. So the question is:

Do I take this not-as-great option from the Navy (thanks UPenn for your outrageous tuition cost), or trudge on for the POSSIBILITY of full tuition coverage with the NHSC?

Please help!!!

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[Ryxndek]

To me it doesn't seem worth it, and I think some current students, and ex-military dentists would possibly agree as well. @Big Time Hoosier, can you provide some insight?

I would probably see if you can get the NHSC scholarship instead as that seems more appropriate given your circumstances

 

[macsak]

Hey everyone, I need some (MAJOR) help:

I was just contacted by my Navy recruiter (after not having received HPSP) that I am able to take the HSCP, which is a little bit different. I am going to UPenn in August, so I think this program will help me pay for a little over half, but probably still come out with around 220k in loan debt (this was after some quick math lol), which is not great, especially as I'd owe 4 years of military service (making less money than someone in private practice) and right now I am interested in pediatrics, so I would have to do my residency AFTER the 4 years of service.

But, I've also applied to the NHSC scholarship for 4-years (much better in that my entire tuition is paid for plus the stipend, and I can do my pediatric residency RIGHT out of school, and pay back my time as a pediatric dentist rather than a general one). I don't know exactly when to expect to hear back about this scholarship, but the website says before Sept 30th.

Right now, I'm not sure what my deadline is to accept the Navy's HSCP, but I don't think it will be later than when I would hear back from NHSC. So the question is:

Do I take this not-as-great option from the Navy (thanks UPenn for your outrageous tuition cost), or trudge on for the POSSIBILITY of full tuition coverage with the NHSC?

Please help!!!

$200k is not bad, but owing 4 years, well, i can see why you're torn
but what happens if you don't get NHSC?

 

[Big Time Hoosier]

I am going to UPenn in August, so I think this program will help me pay for a little over half, but probably still come out with around 220k in loan debt

How did you come up with this number? Is it because you have additional financial support from somewhere else? I bet you’ll owe a lot more than that if the alternative was fully relying on student loans.

Big Hoss

 

[toothgrant]

How did you come up with this number? Is it because you have additional financial support from somewhere else? I bet you’ll owe a lot more than that if the alternative was fully relying on student loans.

Big Hoss

That number is around (again sort of just quick math) what I would STILL owe in loans if I were to take HSCP (its around 60k a year, so the ~112k I'd need per year = a little over 50k per year that I would need loans for). I hope that makes more sense... But you can see why I'm not really sure what to do - having that much debt AND still having to serve 4 years...

But that is a much better alternative than having all of that money in loans to pay back, but I'll really kick myself if I say yes to this and end up getting NHSC, but who knows if I will?? Can you tell I'm stressed? Haha

 

[Big Time Hoosier]

its around 60k a year

Your basic pay as an E6 is only about $36,000/year. This is what you’re expected to use to pay your tuition.

Your BAH housing allowance will be tax free, but your basic pay should be subject to tax. Plugging your numbers into a tax calculator, if your regular pay is around $36,000, you’ll only see $28,000. You’re also not calculating accrued interest for your loans while you’re in school. You’re also not factoring in a likely 5% annual tuition increase. Point is, you’re probably going to end up significantly more than you think. I’d be very surprised if you didn’t have at least $300,000 using the HSCP at UPenn.

You need to do some serious math to estimate as precisely as possible what you’re really going to owe. Back of the napkin math is a poor way to make such a big decision.

I think the HSCP is generally a crappy deal, unless you are prior enlisted and can use your GI Bill concurrently.

Big Hoss

 

[toothgrant]

Your basic pay as an E6 is only about $36,000/year. This is what you’re expected to use to pay your tuition.

Your BAH housing allowance will be tax free, but your basic pay should be subject to tax. Plugging your numbers into a tax calculator, if your regular pay is around $36,000, you’ll only see $28,000. You’re also not calculating accrued interest for your loans while you’re in school. You’re also not factoring in a likely 5% annual tuition increase. Point is, you’re probably going to end up significantly more than you think. I’d be very surprised if you didn’t have at least $300,000 using the HSCP at UPenn.

You need to do some serious math to estimate as precisely as possible what you’re really going to owe. Back of the napkin math is a poor way to make such a big decision.

I think the HSCP is generally a crappy deal, unless you are prior enlisted and can use your GI Bill concurrently.

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Big Hoss

You're absolutely right - I'm really going to have to get the real numbers down before I make this decision, I only got the call yesterday and have been trying to research since then.

I was getting the 60k from the basic pay for E-6 (you're right, almost around 3k a month), but plus BAH for my zip code (1,950 a month) and also BAS (~450). So that's how I was getting to the 60k (probably didn't take quite enough off of that for taxes lol).

I agree it's not the best deal, but I'm not sure if this crappy deal is better than going without any major scholarship help at all... What do you think? Thanks as always for your time and in depth responses I appreciate it!

Also, as I'm writing this, my recruiter just told me they've got extra quotas and are going to be opening more HPSP spots, so if I wait it out, I'm not guaranteed, but have a good shot to get one of these spots as an alternate - which means they'd actually back-pay my tuition if I had started school and I'd get the 4-year deal, just missing out on a few months of the stipend... Pretty good news and he said if he were me, he'd wait it out rather than take HSCP even though it's guaranteed right now... Whoof, big decisions to be made here lol.

 

[Ryxndek]

HPSP >>>> HSCP

I would hold out if you can and see where things go. But definitely crunch some numbers and get a more serious estimate. Penn isn’t cheap, and any help goes a long way.

 

[Big Time Hoosier]

You're absolutely right - I'm really going to have to get the real numbers down before I make this decision, I only got the call yesterday and have been trying to research since then.

I was getting the 60k from the basic pay for E-6 (you're right, almost around 3k a month), but plus BAH for my zip code (1,950 a month) and also BAS (~450). So that's how I was getting to the 60k (probably didn't take quite enough off of that for taxes lol).

I agree it's not the best deal, but I'm not sure if this crappy deal is better than going without any major scholarship help at all... What do you think? Thanks as always for your time and in depth responses I appreciate it!

Also, as I'm writing this, my recruiter just told me they've got extra quotas and are going to be opening more HPSP spots, so if I wait it out, I'm not guaranteed, but have a good shot to get one of these spots as an alternate - which means they'd actually back-pay my tuition if I had started school and I'd get the 4-year deal, just missing out on a few months of the stipend... Pretty good news and he said if he were me, he'd wait it out rather than take HSCP even though it's guaranteed right now... Whoof, big decisions to be made here lol.

Also make sure to factor in that you will make significantly less in the Navy during your payback.

Big Hoss

 

[LFA20]

Hey everyone, I need some (MAJOR) help:

I was just contacted by my Navy recruiter (after not having received HPSP) that I am able to take the HSCP, which is a little bit different. I am going to UPenn in August, so I think this program will help me pay for a little over half, but probably still come out with around 220k in loan debt (this was after some quick math lol), which is not great, especially as I'd owe 4 years of military service (making less money than someone in private practice) and right now I am interested in pediatrics, so I would have to do my residency AFTER the 4 years of service.

But, I've also applied to the NHSC scholarship for 4-years (much better in that my entire tuition is paid for plus the stipend, and I can do my pediatric residency RIGHT out of school, and pay back my time as a pediatric dentist rather than a general one). I don't know exactly when to expect to hear back about this scholarship, but the website says before Sept 30th.

Right now, I'm not sure what my deadline is to accept the Navy's HSCP, but I don't think it will be later than when I would hear back from NHSC. So the question is:

Do I take this not-as-great option from the Navy (thanks UPenn for your outrageous tuition cost), or trudge on for the POSSIBILITY of full tuition coverage with the NHSC?

Please help!!!

Based on my calculation you will net around $55,000 per year while in dental school(it will increase a bit when you are in your third year; E6>2 years). Your starting salary will vary based on the duty station but will probably be around $6k/month AFTER taxes AND paying rent(HSCP pays you a bit higher than HPSP; O3>4). I think this is the equivalent of around 130k-140k pre-tax in the civilian sector. Also, note that you are responsible for all cost related to dental school (loupes, boards, etc). You will keep getting paid all the way until you start your work in the navy(even if you attend the last ODS class).

Penn will probably cost you around $500k for cost of attendance minimum. It's a tough decision and I don't normally like to advise people to take HSCP unless they are attending a cheap state school/receiving some sort of financial help from family. You also will most likely not be able to go straight into peds in the navy but what if you change your mind during dental school and decide it's not for you?

You still have a shot with HPSP and are currently waiting for NHSC. I probably would wait to get one of these two if I were you.


Source: I did HSCP at a cheap state school.