eagle03

7+ Year Member
Aug 5, 2010
47
10
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Resident [Any Field]
When does the HPSP stipend end? Does it end on graduation date? Or does it go through the end date of the benefits letter (end of May)? Cause there might be a gap of 2-4 weeks of no pay before starting residency. I guess I'll have to do some lawn work after I graduate to pay for rent or live in a van down by the river.

Also, if selected for military residency, when do they send your orders? I've heard that orders can come in 2 weeks prior to starting residency.
 

Roberie

10+ Year Member
Sep 24, 2008
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64
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Stipend ended on graduation day. Orders were evidently later than usual this past year and came in April, I believe.

They offered advance pay for us when we started. Fortunately, though, we had enough savings to account for the move. You may also inquire about personal loans. I think another thread may talk about that.
 
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eagle03

7+ Year Member
Aug 5, 2010
47
10
Status
Resident [Any Field]
Stipend ended on graduation day. Orders were evidently later than usual this past year and came in April, I believe.

They offered advance pay for us when we started. Fortunately, though, we had enough savings to account for the move. You may also inquire about personal loans. I think another thread may talk about that.
So did advance pay start on the start date of your residency program or does advance pay start prior to the start date? If prior to start date, like 2 weeks prior or 4 weeks?

Did anybody else have to use savings or loans to bridge the gap? Just exploring ideas.

Thanks!
 

Roberie

10+ Year Member
Sep 24, 2008
364
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Resident [Any Field]
So did advance pay start on the start date of your residency program or does advance pay start prior to the start date? If prior to start date, like 2 weeks prior or 4 weeks?

Did anybody else have to use savings or loans to bridge the gap? Just exploring ideas.

Thanks!
Talk to the GME office for your respective hospital sometime after the match. My recollection is that people were eligible for two weeks of advance pay starting after they inprocessed. However, I also remember it taking a long time to process for people, such that it wasn't really a helpful "advance" by the time they got their money.

Search for "residency relocation loans." I also thought USAA had some good loan products for this situation.

Many people probably utilized savings or loans. It just comes down to cashflow. You need X amount of dollars to pay bills, place a deposit on a rental, purchase food, etc. You either have those funds on hand because you budgeted for the necessity, or you don't. In that case you'll need a loan. You may eventually get reimbursed for some things after you inprocess, but those funds won't likely get to you for many weeks. You may consider just using a credit card if you have to.

The Servicemember Credit Relief Act is also something you should read about. Basically your interest rates get capped at 6%. Again, with USAA, I think they capped my AMEX at 4% and just required that I send them a copy of my orders.
 
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eagle03

7+ Year Member
Aug 5, 2010
47
10
Status
Resident [Any Field]
Thanks for the info and advice! Very helpful in regards to future planning.
 
Sep 28, 2012
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Resident [Any Field]
When does in processing usually occur? I graduate on May 15th 2015 and I don't believe PGY-1 begins until July 1st. Does this mean I need to be prepared for 1.5 months or longer without being paid?
 

Roberie

10+ Year Member
Sep 24, 2008
364
64
Status
Resident [Any Field]
When does in processing usually occur? I graduate on May 15th 2015 and I don't believe PGY-1 begins until July 1st. Does this mean I need to be prepared for 1.5 months or longer without being paid?
Yes.

Inprocessing for us was basically all of June. Got first pay check on 1July. You should budget for a period without pay. Possibly speak with GME office about advance pay if necessary or take out a loan.