Now I was just accepted into a psy d program and it crossed my mind that I could join the military to get tuition and other stipends but I have questions about what is involved. Do I have to go through any training while in school or do I just get the checks and then serve my 3 years? Also, how much is the pay during those 3 years after I graduate.
Basically, besides them paying for tuition, what are the other financial benefits? Will I have to work during my vacations (spring break, fall break, summer, etc..)?
thanks
One Caveat: If you believe that you would hate living in the military, this is probably NOT a good idea regardless of how good the money is!
You have to go one summer to a "baby" basic training course that lasts about 5 weeks. For the Navy however you don't have to go through the APPIC process as you will get a guaranteed placement in Portsmith, VA for your internship. As I just broke down the numbers (and finances are important, I will repost that information here.)
Given the choice between 5 weeks of basic training and APPIC, I would take 5 weeks in basic training every time!!!!
Your internship year, assuming that you have NEVER been in the military would be (assuming Navy stationed in Portsmith, VA) over $60,000. Worst case, over $57,000 for the USAF internship in San Antonio.
After your second year in uniform you would be making at least $6,000 more a year. Which represents a ~10% raise, the year after that, you get another raise. In the case of the Navy in Portsmith VA, you would be making just north of 70k per year (67k in San Antonio.)
Plus you get 30 days per year of paid vacation and health care is paid for. Not to mention, you don't have $100k of debt hanging over your head. The math is EASY to do.
Assuming your education was a $1000 month in loans over what you would pay if you didn't get an HPSP scholarship and you got a VA internship at $40k. You would still be way behind the military person in terms of salary.
Civilian over first 4 years
Year 1: 40k internship - 12k loans = 28k
Year 2: 60k Job - 12k loans = 48k
Year 3: 65k Job - 12k loans = 53k
Year 4: 70k Job - 12k loans = 58k
Total Net = 187k
Military over first 4 years (Salary + Housing allowance)
Year 1: 60k internship - 0k loans = 60k
Year 2: 60k Job - 0k loans = 60k
Year 3: 65k Job - 0k loans = 65k
Year 4: 70k Job - 0k loans = 70k
Total Net = 255k
By my math, you would be probably 70 ahead, not counting the tax benefits of being military where ~$18,000 is tax exempt. My civilian numbers are not unrealistic, if you get 60k your first year out of internship, you are doing quite well.
Mark