Applying to Navy hpsp

[burnthestatus]

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My application just got sent to the AF feb board meeting, and I have doubts about getting the 4 year. My file was incomplete for a while since I got a late acceptance to DS.

Right now I'm considering the navy and was wondering if its still possible to apply with them. how can I find a recruiter that i can talk to--i tried google for a form to fill out, but no success. does anyone know if the navy hpsp is already full, if there is still time to apply, and where to find a recruiter? thanks!

ps. obviously i already passed the physical and filled out the paperwork for the AF

 

[iLuvDAT]

navy still has plenty of scholarships to give out and there is absolute no need to rush at this point. if you need a navy recruiter, pm me.

 

[Smills91]

My application just got sent to the AF feb board meeting, and I have doubts about getting the 4 year. My file was incomplete for a while since I got a late acceptance to DS.

Right now I'm considering the navy and was wondering if its still possible to apply with them. how can I find a recruiter that i can talk to--i tried google for a form to fill out, but no success. does anyone know if the navy hpsp is already full, if there is still time to apply, and where to find a recruiter? thanks!

ps. obviously i already passed the physical and filled out the paperwork for the AF

I'm in your similar boat...I got accepted on Nov. 30th, but my application in just after, they met a couple weeks ago and I just found out I was placed on the alternate list at position 13 with the Air Force. I'm now looking into the Navy because I really want the military experience. Where did you get accepted, because the Navy has the $20,000 sign-on bonus for the HSPS as well as the HSCP scholarship for those who are either planning a military career in dentister, have a family or go to a very low tuition school(in-state tuition).

 

[UNR.Grad]

I'm in your similar boat...I got accepted on Nov. 30th, but my application in just after, they met a couple weeks ago and I just found out I was placed on the alternate list at position 13 with the Air Force. I'm now looking into the Navy because I really want the military experience. Where did you get accepted, because the Navy has the $20,000 sign-on bonus for the HSPS as well as the HSCP scholarship for those who are either planning a military career in dentister, have a family or go to a very low tuition school(in-state tuition).

How were you notified by the AF? Also, why do you think HSCP is better for those with a family/in-state?

 

[hattrack04]

How were you notified by the AF? Also, why do you think HSCP is better for those with a family/in-state?

Because with the HSCP, you are given around $65,000 (not sure of the exact amount) and you can choose to spend it as you wish.......since tuition is cheaper for an in-state institution, you would most likely be able to use that money to pay for tuition and living expenses......you would probably end up having more money to pay for living this way.....Additionally, your 4 years of dental school would count towards retirement (if you chose to make a career out of the military).......I am not positive about all of this information, so anybody with more knowledge about it please feel free to correct me

 

[Smills91]

Because with the HSCP, you are given around $65,000 (not sure of the exact amount) and you can choose to spend it as you wish.......since tuition is cheaper for an in-state institution, you would most likely be able to use that money to pay for tuition and living expenses......you would probably end up having more money to pay for living this way.....Additionally, your 4 years of dental school would count towards retirement (if you chose to make a career out of the military).......I am not positive about all of this information, so anybody with more knowledge about it please feel free to correct me

Yeah, you're right, you also start out as on 0-3 with 4 years in. On the HPSP base pay for '08 is roughly 3300/month with zero years. With the HSCP and 4 years in, you start out at roughly 4500/month. Over the course of the 4 years you could see an additional 50,000 - 60,000 dollars during payback on the HSCP.

 

[eric275]

Because with the HSCP, you are given around $65,000 (not sure of the exact amount) and you can choose to spend it as you wish.......since tuition is cheaper for an in-state institution, you would most likely be able to use that money to pay for tuition and living expenses......you would probably end up having more money to pay for living this way.....Additionally, your 4 years of dental school would count towards retirement (if you chose to make a career out of the military).......I am not positive about all of this information, so anybody with more knowledge about it please feel free to correct me

On the HSCP your base pay is $2094/month as an E-6 with 1 year of service, your BAS (Basic Allowance for Subsistance) is $279/month and BAH (Basic Allowance for Housing) will probably be between $800-$1000/month since it varies depending on your family size and zip code. So it's acutally a little closer to $45,000 per year.

Here's a website that is pretty nice for figuring out your pay:

http://www.defenselink.mil/militarypay/index.html

Just click on the "Pay and Allowances" tab, then click on the "Calculator" tab towards the top right. Once the calculator is open: Grade - select E-6, Years in service - select 1, Location - select the closest one to where you will attend school, Family size - whatever number fits your situation and then click calculate. It will give you a breakdown of all of your pays per month and annually.

 

[Smills91]

Since, I'm on hold with the AF, I'm going to be looking at the Navy now. I think I'm going to be going with the HSCP over the HPSP w/$20000 sign on because of the healthcare benefits. That's a big factor. With the HPSP I get 20,000 NOW, but with the HSCP I get a 12-15,000 more every year for the 4 years during payback. But the healthcare benefits is the kicker. That's a nice incentive there, also it just gives me more options down the road if I want to stay in and retire, or if I want to get out it's about the same amount of money overall as the HPSP with my tuition costing ~25,000 a year.

 

[iLuvDAT]

Since, I'm on hold with the AF, I'm going to be looking at the Navy now. I think I'm going to be going with the HSCP over the HPSP w/$20000 sign on because of the healthcare benefits. That's a big factor. With the HPSP I get 20,000 NOW, but with the HSCP I get a 12-15,000 more every year for the 4 years during payback. But the healthcare benefits is the kicker. That's a nice incentive there, also it just gives me more options down the road if I want to stay in and retire, or if I want to get out it's about the same amount of money overall as the HPSP with my tuition costing ~25,000 a year.

let's do some math here:

first off, the pay difference between hpsp and hscp during 4 year active duty comes out to be around $48,000, which is about $12,000 per year for 4 years

In school
HPSP: $25,000(Stipend+45 active duty pay) + $5000(1/4 of the sign on bonus)=$30,000 per year

HSCP: $45,000 per year (maybe less if school is located in a cheap area)

HPSP vs HSCP

$30,000 + school health insurance plan + tuition % fee paid VS $45,000 + tricare health benefits for you and your dependents+$12,000 pay difference on active duty + 4 years that count toward retirement

What it comes down to:

tuition % fee paid VS. $27,000 + better health benefits for you and your dependents + 4 years that count toward retirement

Another thing you should consider is that the tuition and fee that you pay to your school will have to be after tax while on HCSP. For example, my state school charges a total of $30,000 for tuition and fee, and if I chose HCSP, I'd have to spend at least $34,500(15 percent tax bracket) of the pay toward tuition.

 

[burnthestatus]

can someone please explain what the difference is for hpsp and hscp? I am going to tufts this sept., cause there isnt a state school.

what are the requirements, eligibilities? i have only considered hpsp since i didnt know about this other program--but it looks a little different, maybe better?

 

[Smills91]

let's do some math here:

first off, the pay difference between hpsp and hscp during 4 year active duty comes out to be around $48,000, which is about $12,000 per year for 4 years

In school
HPSP: $25,000(Stipend+45 active duty pay) + $5000(1/4 of the sign on bonus)=$30,000 per year

HSCP: $45,000 per year (maybe less if school is located in a cheap area)

HPSP vs HSCP

$30,000 + school health insurance plan + tuition % fee paid VS $45,000 + tricare health benefits for you and your dependents+$12,000 pay difference on active duty + 4 years that count toward retirement

What it comes down to:

tuition % fee paid VS. $27,000 + better health benefits for you and your dependents + 4 years that count toward retirement

Another thing you should consider is that the tuition and fee that you pay to your school will have to be after tax while on HCSP. For example, my state school charges a total of $30,000 for tuition and fee, and if I chose HCSP, I'd have to spend at least $34,500(15 percent tax bracket) of the pay toward tuition.

Yeah that's a pretty similar breakdown...I thought about the tax situation myself, but both me and my wife haven't worked while going through school the past couple years. Also only the base pay is taxed, and I would think I'd see the vast majority of my taxes back minus SS tax back due to the fact that I'll have another dependent, education credits and we're also looking to buy a house here soon as well. So overall, I'd have quite a few tax deductions for me personally. I think overall it's the healthcare benefits, the extra pay while on active duty and also the possibility of going up to E-7 grade after a 'recruit' or dean's list as well. All those things factored in, it's pretty close to the same between the two for me at Louisville with where tuition is at while 'in-state' but the big 'perk' or 'kicker' IMO is that I'd have the peace of mind on the insurance for my wife and our new arrival here soon.

 

[iLuvDAT]

Up until they atarted increasing the monthly stipend last year and the $20,000 bonus, the HSCP came out to have a bigger monetary incentive up front when you went to cheap in state schools. Now, that isn't so. So, pretty much the selling point for the HSCP is that if you are planning on doing a career in the militaryand retiring after 20+ years, you will make more money during your career by taking the HSCP over the HPSP to easily make up for having to pay some of your school expenses with loans by taking the HSCP if you go to more expensive schools. Otherwise, if it is about the money and you are planning on doing your 4 years and getting out the HPSP has become the better option in a majority of the cases.

ILuvDat, pleae eplain the tuition %fee paid vs $27,000.........part. That makes no sense where you got the $27,000. Plus, only base pay is taxable. Also, you are not taking everything into consideration in your math. You say the HSCP is worth $45,000 (could be less) ... Yes it can, but it ca also be more. This year I will be pulling in a little less than $60,000 here in Texas because I have prior service. So, you have to take into consideration when you puting out numnbers like you did that you need to inform people from different angles. Otherwise, you are being misleading. Also, that $30,000 you are stating for the HPSP, it is also taxable. So, you need to take taxes out of that figure if you are going to be comparing totals. Another misleading figure if you state one as pre-tax and the other post-tax.

For anyone who wants a breakdown of which program would be finacially more beneficial for their situation, please let me know. I'll be happy to help get that info to you. Unless you are prior military, there are things that people do not take into consideration when giving the numbers out.

$45,000(hcsp)+$12,000(pay difference due to years in service)-$30,000=$27,000 per year

$27,000 per year is the overall cash value difference between HPCP and HPSP over a period of 4 years but again you have to pay tuition out of pocket.

Yes, base pay is taxable and only half of your total paycheck is subject to tax. I stand corrected on this issue.

For 2008, E 6 starts at approximately $2100 a month and BAH varies depending on your school's locations. As discussed above, HCSP only makes sense when you attend a state school or Howard/Meharry. Since many state schools are in the middle of nowhere, it is safe to assume that $1700 for BAH and food would be on the high end of the BAH bell curve for HSCP.

 

[Smills91]

$45,000(hcsp)+$12,000(pay difference due to years in service)-$30,000=$27,000 per year

$27,000 per year is the overall cash value difference between HPCP and HPSP over a period of 4 years but again you have to pay tuition out of pocket.

Yes, base pay is taxable and only half of your total paycheck is subject to tax. I stand corrected on this issue.

For 2008, E 6 starts at approximately $2100 a month and BAH varies depending on your school's locations. As discussed above, HCSP only makes sense when you attend a state school or Howard/Meharry. Since many state schools are in the middle of nowhere, it is safe to assume that $1700 for BAH and food would be on the high end of the BAH bell curve for HSCP.

One thing you haven't considered is the ~3.5% pay increase that one would see in the base pay/BAH/Food allowance during the four years in each year that the military typically sees every year. (Anyone know if the stipend is projected or rumored to increase over the next 4 years at all?) that'll add a thousand or two thousand dollars more each following year. Also pay goes up with time in during the 4 years as well which overall gives you a couple thousand more each year.

 

[iLuvDAT]

One thing you haven't considered is the ~3.5% pay increase that one would see in the base pay/BAH/Food allowance during the four years in each year that the military typically sees every year. (Anyone know if the stipend is projected or rumored to increase over the next 4 years at all?) that'll add a thousand or two thousand dollars more each following year. Also pay goes up with time in during the 4 years as well which overall gives you a couple thousand more each year.

good point, Smills. but the annual pay increase will have to offset the tuiton/fee increase

 

[Smills91]

good point, Smills. but the annual pay increase will have to offset the tuiton/fee increase

Yep, not all schools have tuition/fee increases though, unfortunately my school does.