Would it be crazy to sign up for the HSCP for an out of state school about 50k a year and take out loans to pay off medical school or would the HPSP be better? The medical coverage from the HSCP is a big benefit for me and my wife, but I am trying to see if I would be better off signing on for the tuition paid with the HPSP. The HSCP will also let me start counting years to retirement. Has anyone signed on for the HSCP and taken out loans? How is it going? Any other thoughts or advice?
Navy Loans with the HSCP vs HPSP
- Thread starter EM/Neuro
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Maybe. Is the out of state school still a state school or is it private? If private, yes it is crazy. If it is a state school with inexpensive tuition it isn't crazy. While on active duty and a full time student, which is what you are as a HSCP student, you are entitled to in state tuition rates.
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I'm not sure how someone would go to med school on the HSCP without taking out loans unless they went to a VERY inexpensive school. You will also have medical coverage in medical school with HPSP which will be through your school and paid by the military (in not 100% clear on family coverage so hopefully someone will fill that in).
HSCP has significantly fewer spots per year so keep that in mind as well, but never hurts to apply.
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HSCP has significantly fewer spots per year so keep that in mind as well, but never hurts to apply.
Sent from my iPhone using SDN mobile app
I applied to three privates and one public. The one I want to go to is Rosalind Franklin and its right next to the Naval Station Great Lakes. I have looked up medical coverage for the HPSP and the HSCP and the HPSP only covers you not your family. Im just not sure I will be able to pay the loan payments in the HSCP.
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HPSP will only pay for the student's medical insurance if the school requires it. No official policy from the school, no payment from HPSP. And HPSP doesn't cover delendent's insurance.
HSCP makes sense if you have prior active duty time and definitely plan to stay til 20 and/or go to an inexpensive school. Without prior service and at a cost of 50k per year, I'd be very hesitant about doing HSCP over HPSP. There definitely is a monetary calculation to being at 20 years retirement sooner, but I don't think you should make that bet before putting on a uniform.
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Private school - then HPSP is a way better deal. Other people have figured out the insurance thing.
Look at the actual money:
Average tuition at this school is about $51,000-ish. (https://www.rosalindfranklin.edu/admission-aid/financial-services/costs-fees/)
HSCP salary in 2016 dollars (E-6 less than 2 basic pay, BAH, BAS): $55,679.88. Assume you were able to pay for all living expenses, school fees, books, etc out of your salary and you only borrow enough for tuition. So you would be borrowing $51,000 per year to have that health insurance.
HPSP pays for all of school (tuition, fees, books, and your insurance). It also gives you $2229.30 per month plus a 1 time $20,000 sign up bonus spread over 3 payments. Over 4 years that averages to $35,837.80 per year (roughly as I put BAH for the two ADT months at $1300 for math sake).
I'm willing to bet you can live off the $35k and find health insurance for a lot cheaper than borrowing $51,000 per year.
Look at the actual money:
Average tuition at this school is about $51,000-ish. (https://www.rosalindfranklin.edu/admission-aid/financial-services/costs-fees/)
HSCP salary in 2016 dollars (E-6 less than 2 basic pay, BAH, BAS): $55,679.88. Assume you were able to pay for all living expenses, school fees, books, etc out of your salary and you only borrow enough for tuition. So you would be borrowing $51,000 per year to have that health insurance.
HPSP pays for all of school (tuition, fees, books, and your insurance). It also gives you $2229.30 per month plus a 1 time $20,000 sign up bonus spread over 3 payments. Over 4 years that averages to $35,837.80 per year (roughly as I put BAH for the two ADT months at $1300 for math sake).
I'm willing to bet you can live off the $35k and find health insurance for a lot cheaper than borrowing $51,000 per year.
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