Josh-
I am an M1 at NSU-COM, and on a Navy HPSP scholarship. I spent 10 years in the Navy as a Naval Flight Officer, and had a great experience.
"Bustinbooty" passed the best advice. I recommend accepting a military scholarship *ONLY* if you are willing to accept the challenges (and benefits) of military medicine.
One aspect that is often discussed, of course, is the pay disparity. However, there are a couple of important things to look at:
1.) A military intern or resident will almost make *twice* as much money as a comparable civilian resident. If you want "proof" check out your favorite civilian hospital website with information about residency programs. You'll see the salaries at about 30-35K/year. Then check the military's pay charts (also available online) an O-3 (LT in the Navy, or Capt. in the Army/AF)with 4 years of service (which is where you'll fall out after med school) makes about 45-55K, after you factor in all pays and allowences (It depends a little on where your stationed, and a couple of other things.)
2.) The bigger factor is the issue of debt. As an HPSP bubba, you'll graduate with little or no debt, so while your civilian counterparts begin paying back $100+K in loans (or deferring them so they can accrue more interest) You'll get to keep all of your pay.
3.) Once you finish a residency, that's when the civilians far exceed the military in terms of pay...but it depends on the specialty. The Navy's health website has a great article on the issue of "dissatisfiers" in military medicine (and talks about more than just pay issues). They have a chart of the pay gap, and some specialties (like Family Practice and Internal medicine) only lag by 10-20%. (Of course "big time" specialties like Neurosurgery lag by as much as 50-60%).
4.) Don't forget, though, that a military career is "only" 20 years. If you're joe average, starting school at 23, you graduate at 26 and "retire" at 46. You've still got another 20 years (or more) in private practice if you want it, while collecting your military retirement (50% of your base pay). In fact, if you do the math for this scheme, the low-end specialties in the military make *more* than someone without the military career. You'll never "beat out" the neurosurgeons and radiologists, though. And remember, you rarely hear about hand transplants happening at your local military hospital.
Okay, after all that, my opinion is that a decision to go HPSP has to be about more than just the money. No amount of money can make up for being deployed and away from family and friends, missing your kids' first words or steps, or doing an incredibly dangerous and demanding job.
For me, the true compensation came from pride and a sense of duty. It may sound cliche, but the concepts of "Honor, Courage Committment" *mean* a lot. It's awesome to be a part of a community where you are alongside so many others that feel the same way. That's what makes the career worth it.
Anyway, if you want to chat more about it, I'd be happy to talk to ya more. Just drop me a line. Good Luck! Fly Navy!
Cheers,
-Fred