HSCP vs HPSP for someone without prior service

[craziecat]

Hello, and thanks in advance for any information y'all can provide!

I recently got accepted for Navy HPSP, and I also asked my recruiter to submit me for the HSCP.
I searched around for some threads and I read it is a good option over the HPSP for prior service/cheaper schools.

My school's tuition is right under 23k and they do list health insurance at 3k (so I believe both HSCP and HPSP covers this idk?).
I ran the numbers and after taxes the total pay is around 51k (in the correct zip code for BAH), which gives a take home for living expenses as 2380/month after tuition.
HPSP is roughly 2200/month (2540 before) after taxes according to DFAS (in addition to the taxable 20k bonus) and will pay for supplies, etc.
So after doing the math it would seem that HSCP is truly only better than HPSP for prior service or tuition below 25k (very few schools).

As someone without prior service, is there something I'm missing (such as accruing active duty time with HSCP) that helps pick one over the other?
I couldn't find a thread breaking the numbers down so I was also hoping this helps anyone in the future in my specific situation.

P.S. before someone comes along trying to convince me to do a 180, no I am not doing this for the money,
I just have a little extra time on my hands at the moment and like gathering as much information as possible, cause why not?
Thanks!

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[Onefellswoop87]

Except for one individual, the few that I knew who did HSCP all used the GI bill and were prior service.

I don’t have much to add outside of that. I did HPSP at a private school that tuition was about 40k about 10 years ago. Without crunching the numbers myself or double checking yours, your numbers seem to make sense about the breakpoint when HSPC makes more sense.

Confirm that HSCP will pay for anything besides salary. Because you are active duty on HSCP, you are covered by TriCare (which is something to factor in if have a family). HPSP covered only my health insurance, because my med school required it. If my med school didn’t require it, HPSP wouldn’t have paid for it. HPSP also did not cover my wife or kid’s health insurance.

 

[pgg]

The thing about HSCP that makes it great is that it puts a lot of the prior service people that take that path at 20-year retirement eligibility around the time their obligated service period (including GME debts) is done ... and for now at least HSCP'ers are going to be people who joined pre-2018, whose pensions aren't going to be crippled by BRS.


As for your PS, just remember that if you sign up for either of these programs today, you're committing yourself to inservice GME starting around 2027 (or possibly 2030 if you do GMO time). Make sure you understand that leap of faith. Fully.

 

[Setih]

If the math works out, then HSCP might be a better option.

You also would not need the health insurance, because you would have Active Duty Tricare.

Additionally, one should remember the +4 year difference later, it's a significant amount.
O3 with zero year pay vs O3 with 4 year pay is significant.

It seems you already made a decision, so I am pointing out things that may pivot the HSCP route.

 

[craziecat]

The thing about HSCP that makes it great is that it puts a lot of the prior service people that take that path at 20-year retirement eligibility around the time their obligated service period (including GME debts) is done ... and for now at least HSCP'ers are going to be people who joined pre-2018, whose pensions aren't going to be crippled by BRS.


As for your PS, just remember that if you sign up for either of these programs today, you're committing yourself to inservice GME starting around 2027 (or possibly 2030 if you do GMO time). Make sure you understand that leap of faith. Fully.

I appreciate the input, and the looking out pgg. Thanks for the help!

 

[craziecat]

If the math works out, then HSCP might be a better option.

You also would not need the health insurance, because you would have Active Duty Tricare.

Additionally, one should remember the +4 year difference later, it's a significant amount.
O3 with zero year pay vs O3 with 4 year pay is significant.

It seems you already made a decision, so I am pointing out things that may pivot the HSCP route.

Thanks Setih, these are good points! If offered I'll take the HSCP route, but this may all be hypothetical as I believe the HSCP has fewer spots.