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Take a look at this thread for HPSP finances: https://forums.studentdoctor.net/threads/the-skyrocketing-value-of-the-hpsp-scholarship.1003915/Okay so I'm looking to specialize into EM, critical care, or possibly surgery (may change later on of course). I'm also looking at some pretty big numbers in debt, so I am considering joining the military to pay off ~$250k of debt and of course to gain some structured experience prior to entering the civilian workforce. Can someone check my numbers here?
According to the 2016 physician compensation survey, EM docs make $320k average. Let's round down to 300, -50% in taxes, -20k in malpractice, -40k in living expenses = 90k leftover. 250/90 = 2.7 (round up to 3) years.
If I choose the civilian route, will I actually be able to pay off 100% of my debt in 3-4 years (if I don't marry into debt or have kids)? I feel like I'm missing something in my math here...
I would like to gain a few years of military experience, but do the numbers equal out? Any advice is welcome.
Thanks!
Storm
so I am considering joining the military to pay off ~$250k of debt and of course to gain some structured experience prior to entering the civilian workforce.
I would like to gain a few years of military experience, but do the numbers equal out?
I wanted experience in something outside what I would get in a civilian job - I don't know what that is yet, but I was under the impression that I would gain unique experiences that would both be exciting and improve my abilities as a physician. What's your take?
If you live like a resident after residency? 2-3yearsI've just never been up against such giant numbers before. If I was to go into EM, how long do you think it would take to pay it off (total cost of attending is 60-85k/year) if I hammered down to eliminate the debt?
$400K in debt ... that's roughly $140-210K in after tax income going to student loans to pay off in 2-3 years. That's a tall order on a new attending's salary.If you live like a resident after residency? 2-3years
Then 4 years$400K in debt ... that's roughly $140-210K in after tax income going to student loans to pay off in 2-3 years. That's a tall order on a new attending's salary.
Sorry, i am pretty bad at reading between the lines, but what's your take on HSPS or FAP? Would you advise against it ?Then 4 years
I think FAP makes more sense but I'm risk averseSorry, i am pretty bad at reading between the lines, but what's your take on HSPS or FAP? Would you advise against it ?
uhm, i knew there was a catch, but reading this forum has seriously dimnish my interest in the program... Cant believe they wont even let us finish our residency.I'm leaning against HPSP upon further research. Looks like the military often pulls graduates out of residency and makes them do 1-2 years of General Medical Officer (GMO) service, then says that we have to do either however many years left of active duty OR owe additional years of active duty based on the number of years left in residency training after the GMO tour is up - whichever one is HIGHER. So if you went into Gen Surgery (5 year residency), get yanked out after internship year to do 2 year GMO (counts as 2 years of active duty), then go back to do the remaining 4 years of residency, you now owe an additional 4 years of active duty = 6 years active duty total.
Can someone check me on that? That's my understandings and if that's true, frack it.
You have an incorrect understanding. You only go GMO if you fail to match.I'm leaning against HPSP upon further research. Looks like the military often pulls graduates out of residency and makes them do 1-2 years of General Medical Officer (GMO) service, then says that we have to do either however many years left of active duty OR owe additional years of active duty based on the number of years left in residency training after the GMO tour is up - whichever one is HIGHER. So if you went into Gen Surgery (5 year residency), get yanked out after internship year to do 2 year GMO (counts as 2 years of active duty), then go back to do the remaining 4 years of residency, you now owe an additional 4 years of active duty = 6 years active duty total.
Can someone check me on that? That's my understanding and if that's true, frack it.
you can request to do a civilian residencyI was under the impression that if I failed to match military, then I would do the civilian match and do my residency of choosing there. Is this correct?
You can request, but the mil is under no obligation to grant. If you are Navy or Army forget about it. They would rather lock you into a GMO tour.I was under the impression that if I failed to match military, then I would do the civilian match and do my residency of choosing there. Is this correct?
General surgery is 6 years. You have to do a research year which will add time to your commitment.I'm leaning against HPSP upon further research. Looks like the military often pulls graduates out of residency and makes them do 1-2 years of General Medical Officer (GMO) service, then says that we have to do either however many years left of active duty OR owe additional years of active duty based on the number of years left in residency training after the GMO tour is up - whichever one is HIGHER. So if you went into Gen Surgery (5 year residency), get yanked out after internship year to do 2 year GMO (counts as 2 years of active duty), then go back to do the remaining 4 years of residency, you now owe an additional 4 years of active duty = 6 years active duty total.
Can someone check me on that? That's my understanding and if that's true, frack it.
If you fail to match out of med school you are facing an uphill battle to go back to residency, unless you want to go into psych, IM, or any of the other specialties that don't traditionally fill.uhm, i knew there was a catch, but reading this forum has seriously dimnish my interest in the program... Cant believe they wont even let us finish our residency.
The consensus is that most PDs will look favorably upon a GMO tour, but it's not such a boon that it gets a marginal candidate to MGH. Your best bet is to go straight through. You will have a better chance of that in the civilian world.Okay so the recruiter I spoke to essentially lied to me. I was told that if I don't match in the mil match, I can do the civilian match. So they can say, "Nope.", and pull me into a GMO tour.... how does that affect my ability to secure a match afterwards? Are residency coordinators going to be skeptical of a GMO applicant?