Finishing W/o debt

[Hello9753]

I am planning on applying the next cycle. I was wondering what can I do prior to entering med school to increase my chances to obtain a scholarship or reduce possible debt as a ORM and being in the middle class income bracket. I am Asian. I am considering the HPSP scholarship and looking at other opportunities.

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[Mr.Smile12]

Have you contacted a local HPSP recruiter?



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[Hello9753]

Have you contacted a local HPSP recruiter?

Yes. Is there something specific I should have requested in terms of info? After a quick call, he just send an email with details for the HPSP scholarship.

 

[SooConfused]

Yes. Is there something specific I should have requested in terms of info? After a quick call, he just send an email with details for the HPSP scholarship.

No. Just familiarize yourself with the program. It's not particularly competitive, because the service requirement attached to it is quite onerous. As a result, unlike most things associated with applying to med school, the military is recruiting you rather than you begging them for the scholarship. There is a milmed forum on SDN where you can ask questions to your heart's content.

Just a quick heads-up -- HPSP is really not for someone just looking to finish without debt, because there is no free lunch with the military. You will be sacrificing your freedom and several formative years of your career, including the potential to enter the residency of your choice if the military does not have a present need for it when you are applying, in return for not having to worry about debt.

It is an ideal option for someone who truly wants to serve, and who would consider doing so anyway. It is a TERRIBLE option for anyone else, due to the rigid structure of military life, loss of control of your career and your life (you go where they want, when they want, and do what they tell you to, including what kind of medicine to practice), and the hit your income suffers after residency while you are fulfilling your commitment. You are relieved of debt and even receive a living stipend during school. You pay it back, several times over, with time later. It's not free.

My advice is not obsess on the debt, because you will be training to enter a very well paying career, and you WILL be able to service whatever debt you incur, just like all of your colleagues who do not come from wealthy families or receive substantial scholarships.

You are surely doing everything possible to make yourself the best possible candidate. Based on just how middle class your family is, and how attractive you are relative to the rest of the applicant pool at the schools you apply to, you'll either receive merit or need based grants or you won't.

The first order of business is to just be accepted somewhere, since the majority of applicants do not even clear that hurdle each cycle. Beyond that, it's not like there is something special some people do that others don't know about to increase their chances to receive scholarships.

 

[Angus Avagadro]

I can echo the HPSP. I have 3 friends who made a career in the military. One ended up being a White House Doc. I looked at the military quite closely, but found it to be a little too restrictive as my wife was in training also. As an example, a married couple were both called for active duty overseas simultaneously, something their recruiter promised never would happen. Some politicking got one out of going as they had small children. But it was scary and took some serious maneuvering to get the waiver. Loans are definitely doable, but a bigger hit to your finances as salaries are decreasing. Public health service us an option as all you need do is work at a public health clinic for a few years to pay back the debt. Going the route of working for peanuts at a non profit for 10 yrs in hopes of student loan forgiveness is sketchy. Most who apply for forgiveness are denied.

 

[EArlyBirdGetsTheWorm]

Uncle Sam can help you out… for a price of course.

 

[inwantstobeadoctor]

I'm onboarding rn for the VA HPSP. Not military but still through the government as far as service obligations. It's a newer scholarship program relative to the other established HSPSs, so the funding isn't as big (i.e stipend of $1100 vs. $2300ish with a military HPSP). Giving time back is also longer (1.5 years for every year they pay for). You can also specialize in whatever with the VA HPSP vs. doing primary care with the national HPSP.

 

[Hello9753]

You can also specialize in whatever with the VA HPSP vs. doing primary care with the national HPSP.

That's a relief. I didnt like the idea of being tied down to a specialty right at the start of med school. I loved scribing for the primary care physician, but I still wanted to explore other things.

 

[inwantstobeadoctor]

That's a relief. I didnt like the idea of being tied down to a specialty right at the start of med school. I loved scribing for the primary care physician, but I still wanted to explore other things.

I think it's a great option! Just consider if veterans is a population you'd like to work with (application includes questions prompting "specific" interest in applying for the VA HPSP if I remember correctly).

 

[cj_cregg]

Check out NHSC as well if you're comfortable with primary care in an underserved area (urban or rural).

 

[katiemaude]

I can echo the HPSP. I have 3 friends who made a career in the military. One ended up being a White House Doc. I looked at the military quite closely, but found it to be a little too restrictive as my wife was in training also. As an example, a married couple were both called for active duty overseas simultaneously, something their recruiter promised never would happen. Some politicking got one out of going as they had small children. But it was scary and took some serious maneuvering to get the waiver. Loans are definitely doable, but a bigger hit to your finances as salaries are decreasing. Public health service us an option as all you need do is work at a public health clinic for a few years to pay back the debt. Going the route of working for peanuts at a non profit for 10 yrs in hopes of student loan forgiveness is sketchy. Most who apply for forgiveness are denied.

Fortunately this is changing. I personally now several physicians in academic medicine at not for profit hospitals who qualified for 10-year loan forgiveness. You have to do the paperwork and stay on top of it.

I wouldn't count on any one particular option, but it's good to stay informed. I'd echo what others have said about HPSP (you have to want to serve). NHSC is definitely an option if you go into medical school 100% positive you want to do primary care - be aware that most people change their minds about specializing several times while in school. I believe there is also an option to choice NHSC *after* medical school for quicker loan forgiveness but you miss out on those sweet living subsidies while in school.

Some things to think about: You may end up choosing a high-paying specialty in private practice and be able to pay off loans in a few years by continuing to live like a resident. At my DO school, 8 students every year do a year teaching OMT to other students or doing a research year they needed to do anyway and get compensated with free tuition for the last two years of medical school. Some people live with their families to save $50K or more over 4 years on living expenses. In state tuition will cut your tuition drastically in some states over private. There are definitely scholarships out there for URMs and a handful very competitive schools that now offer free tuition. However, most people are lucky to get a few small scholarships over the years for merit-based activities.

Good for you for thinking about it now!

 

[Hello9753]

high-paying specialty in private practice and be able to pay off loans in a few years by continuing to live like a resident.

Is this super hard to come by and/ or with only certain specialties?

Good for you for thinking about it now!

I'm just bored and in need of a cat.

 

[SooConfused]

Is this super hard to come by and/ or with only certain specialties?

I'm just bored and in need of a cat.

Some specialties pay a lot more than others, but they all pay extremely well, compared to what most above average people make.

Unless you are lucky enough to score a merit or need based scholarship, you are just going to have to accept this as the price of entry.

If you want to pay for school with several years of time, at below market compensation, you will have several different ways to do so. Otherwise, you will graduate with substantial debt and will be facing several years of having your market rate compensation reduced by loan payments.

The end result is not going to be that different financially, so just try to figure out what makes you the most comfortable - government, private or school loans, military HPSP, VA HPSP, NHSC, or some other scholarship with strings attached. As I said before - no free lunch, so pick your poison.

Just keep in mind that the government could easily reduce the cost of obtaining a MD or DO by funding a direct grant program, if it had any interest in doing so. These very generous scholarship programs exist for a reason, and it's not to reward you as a hard working future doctor. It's to attract people to accept jobs they wouldn't otherwise accept, at salaries they wouldn't otherwise work for. Try to remember that when weighing loans against scholarships with strings attached.

It's the very rare person who would choose to take their MD or DO and use it at the VA, or in public service, or in the military, without these significant financial incentives, which are meant to partially compensate for lost income by not choosing alternate paths. Still, these are unwise choices if you are not REALLY into the mission and the work. These are not otherwise deemed to be desirable jobs, which is why they are so hard to fill and keep filled, even though they certainly need to be done.

Most people would rather pay for their education with money, which you can always make more of, than time, which you can never get back. Hundreds of thousands of dollars of debt is very intimidating to someone who does not have a lot of money, but that will change once you finish your training. You will be making that, every year of your life as long as you continue to work once you become an attending. Good luck.