last i heard (which was about 3 months ago, when i contacted an HPSP student), the monthly stipend is actually closer to $1,100.
also, you only owe 1 year of service per year of scholarship, with a minimum 3 year commitement -- so i dont know how you would owe them 5 years unless you are including the GPR/AEGD "requirement".
i say "requirement" because you are required to apply for it, but there are ways to get out of doing one. the rules on that are not black and white though. best way to know what's up is to talk to someone who went thru the HPSP... not a current HPSP student, and not a recruiter.