High Undergrad Debt + Future Med School Debt and Possible HPSP?

[holyravioli]

Okay, so I'm trying not to freak out lol but I did some calculating about my loan costs and I'm a wee bit nervous...

I didn't get any love from my state school so I'm going away to a much pricier OOS school. I have about $148,000 in undergrad loans and for med school, I was given about $84,000 loans for the first year for living expenses/tuition. Not thinking of interest, that'll be about $487,000.... 0_0

I applied to the Army HPSP recently and was weirdly told that my app was on hold for my GPA. It's a 3.0 technically but with my informal post-bac it's about a 3.5. I thought that was weird so I went to a Navy recruiter who told me a 3.0 is sufficient for them and that my app could be started asap so I started that process again with them.

I can't help but feel a little pigeonholed either way. I mean with the HPSP for someone like me this helps a lot financially but I will have a lack of freedom later. If I accept government loans I have some more say but I also have a lack of freedom with debt. I'm okay with living frugally, I mean I have been since graduating undergrad, but I don't want a mountain of debt piling up when there is an option to prevent making the same mistake, this time on a more massive scale.

I know each has its pros and cons, but is anyone in/was in a similar situation and have any advice? I usually hear about people graduating with half of what I will so I am trying to think long and hard about my next move which will affect me a lot after I graduate.

Any advice is appreciated!! If you'd prefer to PM, please feel free to do so.

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[srhcustom]

Another option for you to look into is Army Reserve or National Guard MDSSP (Medical/Dental School Stipend Program). It doesn't pay any tuition, but it will pay you a stipend of $2239/mo. But like the HPSP, it has strings attached. You can talk to an AAMED recruiter to get more details.

 

[Yhorm the Giant]

Another option for you to look into is Army Reserve or National Guard MDSSP (Medical/Dental School Stipend Program). It doesn't pay any tuition, but it will pay you a stipend of $2239/mo. But like the HPSP, it has strings attached. You can talk to an AAMED recruiter to get more details.

Maybe I misunderstand, but doesn't that give you a fraction of the overall fiscal aid with an even longer repayment, assuming 4 years of med school

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[Mamuna]

Okay, so I'm trying not to freak out lol but I did some calculating about my loan costs and I'm a wee bit nervous...

I didn't get any love from my state school so I'm going away to a much pricier OOS school. I have about $148,000 in undergrad loans and for med school, I was given about $84,000 loans for the first year for living expenses/tuition. Not thinking of interest, that'll be about $487,000.... 0_0

I applied to the Army HPSP recently and was weirdly told that my app was on hold for my GPA. It's a 3.0 technically but with my informal post-bac it's about a 3.5. I thought that was weird so I went to a Navy recruiter who told me a 3.0 is sufficient for them and that my app could be started asap so I started that process again with them.

I can't help but feel a little pigeonholed either way. I mean with the HPSP for someone like me this helps a lot financially but I will have a lack of freedom later. If I accept government loans I have some more say but I also have a lack of freedom with debt. I'm okay with living frugally, I mean I have been since graduating undergrad, but I don't want a mountain of debt piling up when there is an option to prevent making the same mistake, this time on a more massive scale.

I know each has its pros and cons, but is anyone in/was in a similar situation and have any advice? I usually hear about people graduating with half of what I will so I am trying to think long and hard about my next move which will affect me a lot after I graduate.

Any advice is appreciated!! If you'd prefer to PM, please feel free to do so.

Hi holyraveoli,
If you don't feel like joining the army, have you thought of applying to the National Health Service CORPS scholarships. I think applications open in the spring. You would have to serve in a rural or suburban (one of the NHSC designated areas) are after residency training (I think). I am not sure about what specialties they want. But it is worth you checking the website out. Just google it up. It might suit your situation. Best wishes.

 

[srhcustom]

Maybe I misunderstand, but doesn't that give you a fraction of the overall fiscal aid with an even longer repayment, assuming 4 years of med school

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Kinda'... Like I said, you only get the stipend, but for 4 years of med school, you would have to repay 8 years of Reserve time (1 weekend/month and 2 weeks in the summer + any deployments). That being said, if you don't get the HPSP and you would like to reduce your amount of debt, that is an option available to you... and you get to practice as a civilian physician for the most part

 

[AMEDD Recruiter]

The Medical School Stipend Program (MSSP) is a good alternative to the HPSP. It provides a monthly stipend of $2229.30 to individuals in medical school. Applicants are commissioned as Second Lieutenants. Must be a US citizen. The obligation incurred is 1 year for every 6 months you receive the stipend. Upon completion of residency training, you will serve your obligation in the Army Reserve. Once you match to a specialty, if it is a specialty needed for the Army; you can opt to take the Specialized Training Assistance Program or STRAP. The STRAP provides you a monthly stipend during residency training; the same amount of $2229.30. An additional benefit is the Health Professions Loan Repayment Program (HPLR). This benefit allows for up to $250,000 in loan repayment. You may PM me, if interested in discussing further.

Best wishes!!
MAJ Perkins

 

[Yhorm the Giant]

Kinda'... Like I said, you only get the stipend, but for 4 years of med school, you would have to repay 8 years of Reserve time (1 weekend/month and 2 weeks in the summer + any deployments). That being said, if you don't get the HPSP and you would like to reduce your amount of debt, that is an option available to you... and you get to practice as a civilian physician for the most part

Ah that makes sense. I was thinking you'd be active duty, but that makes it a very reasonable tradeoff. Seems like a pretty great deal honestly!

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[medstar11]

Hi holyraveoli,
If you don't feel like joining the army, have you thought of applying to the National Health Service CORPS scholarships. I think applications open in the spring. You would have to serve in a rural or suburban (one of the NHSC designated areas) are after residency training (I think). I am not sure about what specialties they want. But it is worth you checking the website out. Just google it up. It might suit your situation. Best wishes.

If you choose to do NHSC scholarship it is only primary care specialties. If you are worried about lack of freedom after residency I would not chose this path. If you end up with the scholarship and turn your back on it later you owe 3x what you borrowed from them with interest. It is a good program for those who know primary care is the specialty area for them but not for those who are undecided.

 

[holyravioli]

Hi holyraveoli,
If you don't feel like joining the army, have you thought of applying to the National Health Service CORPS scholarships. I think applications open in the spring. You would have to serve in a rural or suburban (one of the NHSC designated areas) are after residency training (I think). I am not sure about what specialties they want. But it is worth you checking the website out. Just google it up. It might suit your situation. Best wishes.

Thanks for the idea! I'm toying around with the idea of this, and think I will probably apply to this and the Navy while I think everything over, just to have some options. The only thing I don't like is having to choose a set primary care specialty...

 

[holyravioli]

If you choose to do NHSC scholarship it is only primary care specialties. If you are worried about lack of freedom after residency I would not chose this path. If you end up with the scholarship and turn your back on it later you owe 3x what you borrowed from them with interest. It is a good program for those who know primary care is the specialty area for them but not for those who are undecided.

This is the greatest caveat in my mind too. I can see myself enjoying psych but none of the others appeal to me.