$120K in loan repayment from Guard

[notdeadyet]

The National Guard just upped their Loan Repayment program considerably.

Open to BE/BC physicians, you get $40K/year in loan repayment for up to 3 years, paid off concurrently (you get the pay as you pay off your obligation).

Great deal for folks already in the military or planning to be, as you can get a $120K boost during your last three years of service. For those not in the Guard, you still owe a total of 8 years MSO, but are only obligated for drill status for the three.

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[J ROD]

The National Guard just upped their Loan Repayment program considerably.

Open to BE/BC physicians, you get $40K/year in loan repayment for up to 3 years, paid off concurrently (you get the pay as you pay off your obligation).

Great deal for folks already in the military or planning to be, as you can get a $120K boost during your last three years of service. For those not in the Guard, you still owe a total of 8 years MSO, but are only obligated for drill status for the three.

you cant get this in residency can you?

 

[notdeadyet]

you cant get this in residency can you?

Again, you need to be at least Board Eligible. This means you need to have completed a residency program. You can apply as you are finishing residency, so that you can start getting the benefit when you finish.

The pay-out is that you sign up and one year later, you get the first payment of $40K. Three years after you sign up, you'll get your final payment of $40K, for a total of $120K.

 

[J ROD]

Again, you need to be at least Board Eligible. This means you need to have completed a residency program. You can apply as you are finishing residency, so that you can start getting the benefit when you finish.

The pay-out is that you sign up and one year later, you get the first payment of $40K. Three years after you sign up, you'll get your final payment of $40K, for a total of $120K.

a good reason to stay in!!

 

[DeadCactus]

Is this on top of the bonus you get for being BC/BE in certain specialties?

 

[notdeadyet]

Is this on top of the bonus you get for being BC/BE in certain specialties?

They are two different programs.

The Special Pay Program is for selected specialties, and amounts to $25K/year for up to three years. If someone opts to take HLRP and SPP, they are done consecutively. So if you finish your residency and decide to take both, you'll be serving for six years post-residency.

 

[notdeadyet]

It's probably worth noting that you should probably only make decisions about joining the military based on what is offered to you at the time you sign.

For folks starting medical school now, do not sign up for MDSSP for your four years of medical school, if receiving HLRP and SPP is a requirement. If you're starting medical school now, you'd be starting the second program of HLRP or SPP 11 years from now. There is no guarantee that these programs will still be available or for the same amount in 11 years time.

That said, from what I've been able to research, the Guard has not scaled back incentives to physicians in recent history. Maybe these programs will lock in so many physicians that they will do so in the future, but that hasn't been the usual MO and I don't see any indication that it's in the cards.

And it bears repeating, there are a lot of great programs for those interested in full-time military service. But if you're interested in part-time military service, it is very, very hard to beat the benefits being offered for joining the National Guard right now.