Air force financial assistance program

[Lemuel]

Hello. Does anybody has any experience regarding the Air Force Financial Assistance Program during residency. I hear the Air Force is now offering financial incentives to highly qualified residents in selected specialties. Apparently this program allows you to complete residency training at your current hospital, and receive a special annual pay bonus. Also, does anybody knows what are the specialties that qualify for this program?

thanks

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[Smpco02]

Anyone?

 

[Charlie0318]

Dude just do a search for FAP, there is a ton of information already discussed on this board.

I think there is even a sticky about HPSP vs FAP....

 

[Nirv]

You need to do the math. Residency is 40k per year. FAP adds like 25k per year for some. You owe 3 years. During AD, If you do gen surgery for example, you get about 99k per year. In 3 years, in private practice--and would not likely do "general surgery"--you would earn much more than 125k per year. You still would not necessarily be out of debt at the end of your FAP commitment if you have other school loans, need a Mercedes or BMW, get married, etc. Not money sense it makes.

 

[Charlie0318]

You need to do the math. Residency is 40k per year. FAP adds like 25k per year for some. You owe 3 years. During AD, If you do gen surgery for example, you get about 99k per year. In 3 years, in private practice--and would not likely do "general surgery"--you would earn much more than 125k per year. You still would not necessarily be out of debt at the end of your FAP commitment if you have other school loans, need a Mercedes or BMW, get married, etc. Not money sense it makes.

I've heard of FAP students getting an extra 70k a year... 25k is the one time payment (you have monthly payments also) from 2005 or something. Not saying anyone should do it, but at least get your numbers correct.

 

[krust3]

25k is not a lump sum. just a monthly check in the mail. you owe two months reserve duty service for every month you take a check. the specialties that do not qualify are psych, path, diagnostic rads

 

[NavyFP]

Current FAP benefit: $45K in yearly lump sum bonus. Roughly $2K per month stipend for 11.5 months and 2 weeks of AD pay as a LT. Total benefit is about $70K per year.

Payback is year for year plus one. So 3 years of sponsorship equals 4 years of active duty time.

 

[krust3]

ah, ya the program i'm in is the air force reserve stipend program for residents. guess you guys have something different.

 

[DrBender79]

Current FAP benefit: $45K in yearly lump sum bonus. Roughly $2K per month stipend for 11.5 months and 2 weeks of AD pay as a LT. Total benefit is about $70K per year.

Payback is year for year plus one. So 3 years of sponsorship equals 4 years of active duty time.

This program doesn't really seem worth it. Yes, you get $70k per year on top of your resident salary. However, during the active duty years you will be a captain, and the salary range for captains is $44-72k.
http://www.airforce.com/opportunities/healthcare/pay-chart/
Even with great benefits (like not paying for malpractice insurance) that's a huge pay cut compared to civilian doctors, especially for specialties like EM or surgery.

 

[Charlie0318]

This program doesn't really seem worth it. Yes, you get $70k per year on top of your resident salary. However, during the active duty years you will be a captain, and the salary range for captains is $44-72k.
http://www.airforce.com/opportunities/healthcare/pay-chart/
Even with great benefits (like not paying for malpractice insurance) that's a huge pay cut compared to civilian doctors, especially for specialties like EM or surgery.

... dude that is Base Pay. On top of that is, BAH, BAS, ISP, VSP, MSP(after your ADSO is up if you stay for more years), and I am sure another bonus or two that brings that number way up.

Last time I calculated it all up as an FP attending with 3 years you would be making ~110k a year. Still bellow civilian, but a portion is untaxed so it is not as horrible as you would think. Plus other specialties will get higher bonuses... either way, for docs in particular Base Pay ends up being like ~50-60% of your total pay due to all the bonuses.

 

[DrBender79]

... dude that is Base Pay. On top of that is, BAH, BAS, ISP, VSP, MSP(after your ADSO is up if you stay for more years), and I am sure another bonus or two that brings that number way up.
.

Ohhhhh Ok. I didn't realize that you get all that alphabet soup of bonuses on top of base pay . Any idea what an EM attending might make (ballpark) for the first few years out of residency? Just curious.

 

[messenger634]

I'm likely to enter IM or FM for residency in 2014. Is there a need or selectivity difference between the divisions? For example, the Airforce is in desperate need of IM's.

Also, I'm in a combined program where I'm getting a masters degree at a very prestigous school for international affairs and security studies. Dozens of military fellows as classmates (one of the reasons I'm considering this). Would that help my application?