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Does the HSCP give you a bonus?
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There is no signing bonus for HSCP.
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It's called the GI Bill
N
NAVY DDS 2010
^^^ Not a bonus. GI Bill is also available to those on the HPSP, but they aren't eligible to use it while in d-school. Yes, you can think of it as a bonus in our instance, but there are other ways other than d-school it can be used. I plan on transferring my GI Bill to my children so it can be used to pay for school then.
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Correct. I was just being a smartiepants. Thought GI Bill has DEFINITELY been a huge bonus in the amount upwards of 20,000+ annually for 3 years of school.
I just came across this program and am trying to determine whether or not to pursue it. I applied for the HPSP this cycle, but didn't get selected...womp womp. I also recently heard that there aren't any 3 year ones either, so I am thinking maybe I should ask my recruiter to put my application in for this.
From my understanding, when in the HSCP you get paid as a reservist (salary) and don't get things like tuition, books, etc. covered (that's on your tab). After you graduate you are required to serve 8 years as Navy reserve or active duty? This is where my confusion comes in...what happens after you graduate?
From my understanding, when in the HSCP you get paid as a reservist (salary) and don't get things like tuition, books, etc. covered (that's on your tab). After you graduate you are required to serve 8 years as Navy reserve or active duty? This is where my confusion comes in...what happens after you graduate?
N
NAVY DDS 2010
First of all, you are a little confused about everything. The HSCP is a great program if you go to a dental school with in-state tuition that is around $25k and under. The reason I say that is because after that point the HPSP starts to become financially more beneficial. And I am not including the benefit of being able to use the GI Bill while in d-school if you get into the HSCP program as smills stated above. Yes, you do pay for tuition, books, fees, etc out of your salary paid. But in the end, if you go to a school as I suggested ablove, you will come out ahead financially in the long run. Plus, you get full medical and dental benefits for you and your family (if applicable). Your time on the HSCP program counts toward benefits you the entire time in the military, so the benefits of the HSCP program are always there.
Now, after you graduate form d-school - there are no differences in time commitment between the HPSP and the HSCP. All military officers are required to serve in the military for a total of 8 years whether it be on active duty, in the active reserves or in the IRR. Once you graduate, you would go to ODS - which is basic training for medical, dental, legal, pharmacists, physical thereapists. Then, you will go to your next duty station where you will receive either additional training (residency) or a year of proving yourself that you can competently perform dentistry.
Thanks for the response. I am attending UF, my in-state school and tuition is about $31k per year. I really was looking forward to joining the Navy, but I didn't get the HPSP so now I'm trying to figure out where to go from here.
The cost of attendance is a little over $57k/ year here...so I guess I'm confused if you should use your salary for books, tuition, fees or housing and take out loans to pay for the tuition? What did you do if you don't mind me asking?
The cost of attendance is a little over $57k/ year here...so I guess I'm confused if you should use your salary for books, tuition, fees or housing and take out loans to pay for the tuition? What did you do if you don't mind me asking?
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I take out the Loans for what the GI Bill doesn't cover. So far, the GI bill has paid for roughly 2/3's of my tuition/fees for school over 2 of the 3 years I've attended. From what I understand the rules of the GI Bill are changing slightly. Sounds like it's going to be more streamlined between states. As it was, your tuition was directly correspondent to the highest in-state tuition rate. For KY where I'm going to d-school is was about 11K a semester. But that benefit varied by state.
I think the easy rule for dictating the HSCP vs. HPSP debate is found somewhere between these 3 criteria:
1) In-state for Out-of-state/Private tuition rates. If you're in-state at roughly 25k or less it's make more sense to do the HSCP. If not, then HPSP is more advantageous financially.
2) Dependents. If you have family and want them covered under the very comprehensive Tri-care plan(huge for me - my daughter was born a week after we were enrolled in Tri-care and my wife is expecting Twins next year). So free babies with Tri-care medical insurance. ;-) - If you have dependents this is a huge plus to the HSCP.
3) Prior or future military experience. Are you prior enlisted? Do you plan to make the military a career? If either are yes, then the HSCP is more beneficial than HPSP.
If you are all or some of those criteria then I would take a good hard look and research the HSCP out more intently. If not, then proceed forward with the HPSP assuming scholarship are still available. The HSCP is only available within the Navy as far as I'm informed. So you'd also have to be willing to go with the Navy which could be a pro or con depending on the individual and there preferences within the different branches.
In order to accurately determine what you will be paid under a HSCP and then compare to a HPSP you need to figure out:
(1) Base salary - E6 base salary with any prior years of service (this amount is taxable)
(2) Basic Allowance for Housing (BAH) - determined by where you live and rank (i.e. E6 in NYC is 35,000/per year; this amount is non-taxable)
(3) Basic Allowance for Sustenance (BAS) - Enlisted 3,900/per year (this amount is non-taxable)
Add these three numbers up and you will have a good idea of what HSCP will pay you annually.
(1) Base salary - E6 base salary with any prior years of service (this amount is taxable)
(2) Basic Allowance for Housing (BAH) - determined by where you live and rank (i.e. E6 in NYC is 35,000/per year; this amount is non-taxable)
(3) Basic Allowance for Sustenance (BAS) - Enlisted 3,900/per year (this amount is non-taxable)
Add these three numbers up and you will have a good idea of what HSCP will pay you annually.
So it looks like for me it would breakdown to
(1)HSCP E6 pay: $2281/ month * 12 months = $27372 - 15% tax (I'm guessing here) --> $23266/ year
(2)BAH: For Gainesville, FL it is $1,050/ month * 12 months = $12600/ year
(3)BAS: $3900
So grand total minus guestimate of fed. income tax is $43872/ yr. or $3656/ mo.
For me this might actually work if this is an accurate calculation...QR score for me wasn't so good so I doubt it, but as my rent for my house is $1100/mo. and tuition is ~$15500/ sem. if my significant other will let me mooch I could come out with little debt in the end
(1)HSCP E6 pay: $2281/ month * 12 months = $27372 - 15% tax (I'm guessing here) --> $23266/ year
(2)BAH: For Gainesville, FL it is $1,050/ month * 12 months = $12600/ year
(3)BAS: $3900
So grand total minus guestimate of fed. income tax is $43872/ yr. or $3656/ mo.
For me this might actually work if this is an accurate calculation...QR score for me wasn't so good so I doubt it, but as my rent for my house is $1100/mo. and tuition is ~$15500/ sem. if my significant other will let me mooch I could come out with little debt in the end
N
NAVY DDS 2010
You are partially correct in this comparison. What you also have to take into consideration is that the time in the HSCP program counts towards retirement and years in service towards pay. So, immediately after graduation you would make approx an extra $800/month until you have reached 4 years of service in a couple months after graduation at which time you would make approx. an extra $1,200/month in base pay than someone who accepted the HPSP scholarship once the time in service.
On top of that, you do need to take into consideration the medical/dental benefits available - especially if you have family. For me, this has saved us so much money from out of pocket medical expenses - dealing with my medical condition, my wife had a broken hip and cardiac issues and the brith of my twin daughters and one of them also had a cardiac issue. None of this is covered by TRICARE if you take the HPSP.
A guide you can kind of go by determine which one wold be overall more beneficial for you is that fi the overall costs of tuition and fees fo the school you will attend are less than $25,000/yr, then the HSCP will come out to be greater in financial benefit in the end. If greater than $25,000/yr, then the HPSP is more beneficial. These numbers are not specific for UF, so I would have to modify for BAH in Gainesville, but the couple comparisons I have done for people in the past have come out near to the $25,000 level. This comparison is not considering whether you have a family or not which will modify BAH.
That's another suggestion to consider I guess. I'm not really sure how long I would plan on being in the Navy though. I think if I got into the program I would probably go for the 10 year mark, but I have some other professional goals I'm not sure I can reach in the Navy.
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NAVY DDS 2010
The HSCP is NOT a stipend. It is considered military pay. You are on active duty while in the program. Therefore, there is no regulation on how you spend your money except that you, as amilityary member, must pay all your bills, so that would include your tuition since that is a requirement for being in school which allows you to be in the HSCP program. So, spend your money any way. Invest your money any way. Do with your money what you want as long as you pay for school in some manner.
As for the HPLRP, I cannot comment on that. I have not heard of anyone being able to get HPLRP since theoretically you are supposed to pay the tuition with the HSCP money since that is what the purpose of it.
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Almost 100% sure the HPLRP is off limits to HSCPer's. However, the GI BILL can pay the bulk of your tuition costs. You are eligible for 3 of the 4 years(I recommend the last 3 years) and you can take out Subsidized loans THIS year(next year - 2012-2013 Obama took away all subsidized stundent loans for grad students).
