Intern Annual Bonus/ Resident Annual Bonus

[corpsman33]

Hello. I am currently a Hospital Corpsman in the Navy who has been accepted to medical school for the class of 2016. My HSCP package is going to boards in October right now (which is the first board of the year) and will most likely be approved.

I have a several questions regarding the annual military bonus for physicians in the military.

Do you get an Intern annual bonus?

Will my time in the military cause the bonus to be higher (I currently have 4 years in, but since HSCP is active duty time then I will have 9 years by the time I am an intern)?

Do you get a Resident annual bonus?

Once I am staff, will I be given my specialty bonus even though I am still paying back time on the HSCP requirement?

My last question is regarding Loan Repayment (since HSCP does not pay tuition but gives you active duty pay/benefits instead).

If I begin repaying my loans during residency and I stay in the military for over 10 more years, will the remainder of my loans be forgiven??

I understand that some of these questions may have already been asked in SDN, but it was easier for me to make one thread with all of my questions then searching out each individual answer.

Sorry for so many questions, but I would greatly appreciate any help.

Thanks in advance!

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[backrow]

Do you get an Intern annual bonus?

No, you will get variable special pay though which for interns is something like $100 a month

Will my time in the military cause the bonus to be higher (I currently have 4 years in, but since HSCP is active duty time then I will have 9 years by the time I am an intern)?

There is no bonus, and if there was it wouldn't be any higher due to prior service as all medical pays are based on the date you entered as a medical professional (there's an acronym on your Officer Data Card for it, maybe PEBD)

Do you get a Resident annual bonus?

No, you get the special pay though, which will be higher than as an intern.

Once I am staff, will I be given my specialty bonus even though I am still paying back time on the HSCP requirement?

Yes, you will get the specialty bonus starting the moment you finish residency (actually I think it's a few months later)

If I begin repaying my loans during residency and I stay in the military for over 10 more years, will the remainder of my loans be forgiven??

No, unless you are FAP there is no loan repayment program

 

[corpsman33]

Thanks!

I need to research FAP, IBR, and PSLF. I am pretty clueless on how they work.

My GI Bill should cover 17,500 of tuition each year. I will need to take loans for around $20,000 each year to make up the difference.

I am just excited to be accepted to medical school. I will find a way to make it work regardless .

 

[colbgw02]

If I begin repaying my loans during residency and I stay in the military for over 10 more years, will the remainder of my loans be forgiven??

No, unless you are FAP there is no loan repayment program

The OP may be referring to loan forgiveness related to public service, not military specific forgiveness or a repayment program.

I looked at this a few years ago, but since I waited until I was out of training to start loan payback, it didn't make sense to do it.

Check out this website.

 

[corpsman33]

The OP may be referring to loan forgiveness related to public service, not military specific forgiveness or a repayment program.

I looked at this a few years ago, but since I waited until I was out of training to start loan payback, it didn't make sense to do it.

Check out this website.

THANK YOU!!!!

That was exactly what I was referring to. I had heard it discussed before, but I couldn't remember the exact program that I was referring to.

Soooo....in this instance since I am going to be doing over 10 years as a physician in the military (public service) it would be in my best interest to start making payments as soon as possible (such as my intern year) so that I can reach the 120 payment/10 year threshold and have the remainder of my loan forgiven???

Am I reading the above program correctly?

Thanks for your help!

 

[haujun]

THANK YOU!!!!

That was exactly what I was referring to. I had heard it discussed before, but I couldn't remember the exact program that I was referring to.

Soooo....in this instance since I am going to be doing over 10 years as a physician in the military (public service) it would be in my best interest to start making payments as soon as possible (such as my intern year) so that I can reach the 120 payment/10 year threshold and have the remainder of my loan forgiven???

Am I reading the above program correctly?

Thanks for your help!

Hmm...I wonder if other military physicians (HPSP) are taking advantage of this program if eligible.

 

[corpsman33]

Hmm...I wonder if other military physicians (HPSP) are taking advantage of this program if eligible.

HPSP wouldn't need this program, unless they took a significant amount of additional loans for living expenses because HPSP covers 100% of the tuition.

HSCP on the other hand does not cover tuition.

 

[met19]

HPSP wouldn't need this program, unless they took a significant amount of additional loans for living expenses because HPSP covers 100% of the tuition.

HSCP on the other hand does not cover tuition.

hpsp does not cover 100% of the cost of living. they also might have loans prior.
as someone who is military and doing public loan forgiveness:
1) direct loan servicing bases it on your tax returns or pay stubs
2) they then set up a payment amt for you
3) it counts if either you pay that amount (IBR) or standard amount towards loan repayment
4) those payments goes towards the 25 year payback (however, if you can prove that did public service its 10 years)