I'm desperately trying to talk my way into the HSPS program through the Army. This is a little bit of a challenge since some fairly major surgery as a child means that I've got a giant metal plate on my left fibia, but I think I've got at least a 50% chance of talking my way past the physical. It would pay for school, and there is absolutely no way I am taking out loans. Plus, since the GI bill paid for my Dad and Grandad to go to college, I'm considering it in the family tradition. (Of course, there's no reason to tell my grandmother, who freaked out when I mentioned the possibility last year. She thinks I'm going to be killed by a terrorist while in medical school if I get into the program.)
Seriously think about this before you do it.
Why are you so opposed to loans? They're not the devil and student debt is considered "good" debt...
And if you consider the fact that you have to give the army 4 years to pay back them paying for your school, and you will earn less than you would earn as a civilian doctor - it may not be financially worth it.
Eg. Lets say you want to specialize but the army wants you as a general physician. Not only do they pay you less than a general physician would make in the civilian world but you're making far less than you would as a specialist.
Say they pay you 70K + living expenses (my understanding is this is pretty close estimate). We'll say the living expenses is worth 20k.
Say you wanted to specialize in EM which generally pays like 250k.
Say you would have to take out 50k/year in loans for school.
4x90k=360k over 4 years with the army.
4x250k = 1,000,000 over 4 years on your own.
4x50k=200k in loans +30k or so in interest (this is close to my loans and thats approximately the interest I will rack up.
1,000,000-230,000=770,000
770,000 your first 4 years out even after paying back loans. Compared to 360,000 in the army.
(I know I didn't factor in taxes, etc. but you get the idea - the army really doesn't pay for itself - its not worth it. They get far more out of you then you get out of them)
Add in the fact that the army will tell you where to live, how to live, etc. etc. etc and it really isn't worth it unless you truly have a passion for protecting your country.
If you are concerned about loans look into programs where you can get loans paid for you AFTER med school. Lots of areas need different specialties and pay you well + give loan forgiveness. And they aren't just rural areas, urban areas in bad parts of town have similar programs. I know someone doing EM in bum-**** Texas who is being paid 450k to be doing it there. Someone else is in a rural area of Kentucky and their work pays them like 100k as a primary care doctor plus they pay about 75k of their loans each year. After 3 years all this guys' loans will be paid back and he will have made more than you would have in the army.
If you don't care where you live there are plenty of programs you can join after the fact to pay back loans. Don't tie yourself into a program before you know what you want to do in medicine. You may find you want to do something the army can't at all use you for and then you'll be miserable.
(Fortunately the maximum sub & unsub Staffords will cover everything)
I believe that writing the next best American novel has crossed my mind more than once. The only problem is that I have not managed to come up with any ideas yet.
