Entering the military without HPSP?

[InformMe123]

Is there any advantage or disadvantage in doing this? Like deciding 4 years in advance seems kind of tough, rather wait and graduate dental school and then see if want to join the military to pay off the loans.

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[doctor tooth]

HPSP pays 100% of your school regardless of its cost. You don't see the money because it is paid directly to school and it is not taxed as income for you. If you go to a very expensive school, it is a better deal to do HPSP. If you wait to join and do HPLRP, it will pay up to a certain amount (i think like 30k per year) and THEN that money is taxed... so you could potentially end up paying for student loans anyways, whereas the HPSP recipient would not.

 

[Jalcalde]

And you also make a monthly stipend while you are doing it. 2k a month, so essentially also losing out on 24k a year for 4 years as well.

 

[USArmyHPSP]

And you also make a monthly stipend while you are doing it. 2k a month, so essentially also losing out on 24k a year for 4 years as well.

Actually, you get stipend at the rate of $2200.00/month for 11 1/2 months = $25,300.00

PLUS

Active duty pay for a month and 1/2 at the rate of $3,740.00/month = $5,610.00

PLUS

BAH, and the other little add-ons for serving on active duty and you are looking at well over 32K/year before taxes

 

[darknightzzz]

Actually, you get stipend at the rate of $2200.00/month for 11 1/2 months = $25,300.00

PLUS

Active duty pay for a month and 1/2 at the rate of $3,740.00/month = $5,610.00

PLUS

BAH, and the other little add-ons for serving on active duty and you are looking at well over 32K/year before taxes

wait, the military monthly stipend for HPSP is taxable? i thought it is untaxable.

 

[USArmyHPSP]

You're kidding right?

http://forums.studentdoctor.net/threads/ibr-while-in-hpsp.1129804/#post-16368377

 

[Jalcalde]

I was rounding! Lol

 

[matty675]

The military stipend is taxable by state and federal government, but it is not subject to social security or medicare.

 

[InformMe123]

is there any sign up bonus for HPLRP? and there is not time commitment for it right? (in other words doing it for one or two years is ok?)

 

[Hedgy]

The HPLRP is the bonus since it is independent of other salary, bonuses, etc. that you will already make. I believe the HPLRP has a max of 4 years, and you will pay back a year for each year you accept. What I am reading is it's $22,000/yr. IMO, it's not worth it unless there would be concurrent payback with another commitment (not sure if it is) . If you take the AD bonus at $150,000, you get $37,500/yr for 4 years. If you stay in and do a PGY-1 or PGY-2, you can get the MYRB at $35,000 to $50,000/yr for 4 years after your payback.