HPSP & undergraduate loans?

[AggieBrianTX]

Hey guys. Got a question for you. I'm seriously considering HPSP, but will be going into medical school with Stafford and possibly non-Stafford loans. Does HPSP or the Air Force/Navy/Army have any repayment or forgiveness provisions for undergraduate loans?

Thanks.

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[USAFdoc]

Hey guys. Got a question for you. I'm seriously considering HPSP, but will be going into medical school with Stafford and possibly non-Stafford loans. Does HPSP or the Air Force/Navy/Army have any repayment or forgiveness provisions for undergraduate loans?

Thanks.

not that I know of, there may be some other programs other than HPSP that have loan forgiveness....................are you certain you want to do the loss of freeedom..er...military thing? Choose wisely; there is the good, the bad, and the ugly part of military medicine, sometimes more ugly than what is advertised.

 

[curlycorday]

Hey guys. Got a question for you. I'm seriously considering HPSP, but will be going into medical school with Stafford and possibly non-Stafford loans. Does HPSP or the Air Force/Navy/Army have any repayment or forgiveness provisions for undergraduate loans?

Thanks.

Hi AggieBrian,

The military has repayment programs, but I believe they require extra service (this may only apply if you were in an ROTC program). But, think of it this way: you will make significantly more as a military resident than as a civilian resident. So, you may not need to defer the loans as long (i.e. you may not end up with such a large repayment.) Just a thought.

 

[AggieBrianTX]

Hi AggieBrian,

The military has repayment programs, but I believe they require extra service (this may only apply if you were in an ROTC program). But, think of it this way: you will make significantly more as a military resident than as a civilian resident. So, you may not need to defer the loans as long (i.e. you may not end up with such a large repayment.) Just a thought.

I have heard (though not from a recruiter) that Stafford undergraduate loans may be "put on hold" and not accrue interest while you are in medical school if you join the military/sign an HPSP contract...have not yet confirmed this from an armed services recruiter (going to ask about this next week).

Basically, here is my situation: I am a business major who wants to take my required pre-med curriculum. I wish to remain at my current university and do this.

My parents disagree, and want me to finish my business degree here (no med classes) and graduate (could be done by December 2006), and then go to a university closer to home and take my pre-medical courses there full-time (much cheaper tuition/fees/etc). They would pay for all of this.

I want to mix in my business and pre-med classes, and would be graduating and done with all classes in fall 2007 (my original business degree graduation time was spring 2007)...the parentals have threatened to cut off funding unless I follow their wishes. Here, I have an EMS job, 2 volunteer EMT jobs, friends that I love, and an environment that I don't want to leave. Mom & dad are refusing to co-sign on alternative loans for me to finish my education here (with pre-med courses). They say if I start taking science courses here, they'll cut me off soon. I honestly feel that I would make better grades and be more prepared/qualified for medical school by staying here.

Without a co-signer for loans, I am dead in the water. I do not (to my knowledge) qualify as an independent on FAFSA (I am 19, have no kids, am not a veteran, etc.)

So basically, my parents are blackmailing me/holding me at gunpoint. Any ideas?

 

[FliteSurgn]

I have heard (though not from a recruiter) that Stafford undergraduate loans may be "put on hold" and not accrue interest while you are in medical school if you join the military/sign an HPSP contract...have not yet confirmed this from an armed services recruiter (going to ask about this next week).

The recruiter is the LAST person you want to ask these kinds of questions. Your financial aid office will give you much more reliable answers. Most deferment options went away in 1993, but as long as you are going to school at least half-time you can defer these loans (this includes graduate or medical school). Military service and internship/residency would each give you 2 years worth of deferment, but like I said above only if you had balances on guaranteed loans prior to 1993. Judging from your age, you won't be eligible...but, check with your financial aid office to make sure.

 

[grayce79]

I have heard (though not from a recruiter) that Stafford undergraduate loans may be "put on hold" and not accrue interest while you are in medical school if you join the military/sign an HPSP contract...have not yet confirmed this from an armed services recruiter (going to ask about this next week).

Basically, here is my situation: I am a business major who wants to take my required pre-med curriculum. I wish to remain at my current university and do this.

My parents disagree, and want me to finish my business degree here (no med classes) and graduate (could be done by December 2006), and then go to a university closer to home and take my pre-medical courses there full-time (much cheaper tuition/fees/etc). They would pay for all of this.

I want to mix in my business and pre-med classes, and would be graduating and done with all classes in fall 2007 (my original business degree graduation time was spring 2007)...the parentals have threatened to cut off funding unless I follow their wishes. Here, I have an EMS job, 2 volunteer EMT jobs, friends that I love, and an environment that I don't want to leave. Mom & dad are refusing to co-sign on alternative loans for me to finish my education here (with pre-med courses). They say if I start taking science courses here, they'll cut me off soon. I honestly feel that I would make better grades and be more prepared/qualified for medical school by staying here.

Without a co-signer for loans, I am dead in the water. I do not (to my knowledge) qualify as an independent on FAFSA (I am 19, have no kids, am not a veteran, etc.)

So basically, my parents are blackmailing me/holding me at gunpoint. Any ideas?

Brian,
You do not have to be military/hpsp to avoid acruing interest on your loans during med school. If you have subsidized loans, those will not acrue interest while you are enrolled. You will still acrue interest on your unsubsidized loans. Since you have worked as EMT, it seems that you have a pretty good idea that you want to be a doctor. If I were you, I would consider changing majors. That way you get done a year earlier and then you can always do one of the combined programs to get md/mba(5 years instead of 4) if you really want to maintain a business background.
I just want to caution you- I went to Texas A&M and I was recruited by the AF guy there. He misinformed me about multilple issues. In retrospect, I would have waited until residency to join the military if at all. Feel free to PM me for more questions.
Lastly, if the folks cut you off, go to the financial aid office. Everyone is able to borrow enough money for school and you will be able to pay it back once you are a practicing physician. Don't be afraid of debt as many of us were. It is an investment in your future.