doclm said:
Wouldn't it be easier to just get out of residency training and start practicing to pay your loans off? I am sure that your starting salary out of a 2 or 3 yr residency program would pay off better than committing yourself to some multiyear obligation to eventually pay off your debt while getting paid very little on the side. I can see some sense in staying in your own state to get them to pay some of your school loans. However, to go all the way through the military does seem like an extreme way to make sure your loans are paid off. Not to offend anyone, this is just my two cents.
Everyone's situation is a little bit different. For most people I would say you are correct. However, depending on individual circumstances I would say that the military at least warrants a look.
Maybe I can give some insight with a rundown of some recent graduates. Of the 6 past graduates from this residency 1 was Navy, 1 current resident is Navy. Their situation is a little different, both had previous residencies. The Navy allowed them to do an additional residency in return for more time owed. Both must have thought the additional training was worthwhile. For those with forefoot training only, or a weak initial residency this might make sense.
Of the other 5 most recent past graduates, 4 had previous residencies. Of those 3 specifically came into the military for the residency, one was already on active duty and returned for additional training. Of those 5, 3 had previous military experience. (That will mean starting out at a different place on the pay scale, and possibly elligible for earlier promotion.) Of those 5 only 2 are likely to continue military service beyond their obligation.
Consider this. Come on active duty for residency, complete the course of training. You are then obligated for 4 years (some of the previous residents are only obligated for 3 as they has a PSR-24 Program at the time.) This gives them enough time to complete their cases for Board certification, (which is paid for), establish some experience, (most will be Chief of Podiatry services in a smaller hospital during thier initial tour), opportunity to network (we typically work closely with Orthopedics), as well as taking advantage of all the opportunities offered by the military. These opportunities are almost to many to list. They may also vary from person to person as everyone values different things. If you are interested in working in the VA system or in a GS position, your previous military time counts towards pay and benefits. The military is essentially socialized medicine, so there are fewer (or different) headaches to deal with as far as insurance, coding and billing. No worries as far as setting up a practice or deciding what you will do for work following residency. Bottom line on this is that most will have all the credentials, experience and networking needed for them to have a good outlook jobwise once they decide to leave the military.
Staying in the military really isn't all that bad of a prospect either. A lot of the military benefits are somewhat transparent to those not in the system. There are very few jobs that offer pensions anymore. Those of us who may retire from the military can look forward to a pension check and still work. The government Thrift Savings Plan was recently offered to the military as well, and is an excellent benefit (similar to a 401K), on top of the penison.
On a day to day basis, the practice is different as well. We primarily see active duty folks (i.e. young, healthy patients) or their dependants (spouses and children). So our patient population is skewed. We see more trauma, sports medicine, pediatrics, and elective surgery than is typical for most practices. We also see much less routine care and diabetic wound types of patients. Depending on your viewpoint this may be a bonus.
My situation is far from typical. I had a fairly long previous military service record, which puts me a bit ahead. When I play with the numbers I estimate I would have to earn more than $120,000- $130,000/year to maintain the same lifestyle I do now. I don't have to pay for malpractice or health insurance, have money going toward a 401K, pension is building, no costs associated with practice (I'm on a salary), 30 days paid vacation/year, money towards CME and boards, some pretty good tax incentives (e.g. money towards housing is not taxable), practice is skewed towards the patietns I would prefer to work with, etc. In my case there are too many things going the right way to not do it this way. The same may not hold true for others though.
The military does have a lot to offer, even if we are not currently getting any bonuses or loan repayment, but it does take the right situation. The student loans and bonuses remain a hot button item, and may change in the future. Overall, I would tell people not to discount it, but it is also not the right situation for just anyone.
