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Great news: I just advanced-matched into a residency and will be separating July 2015. After three years as a GMO FS, I am THRILLED!
My first choice was in Boston, MA.
While I am not sure which I matched into until later this week, here is a question I have for the milmed gurus of this forum.
If you choose the MGIB, you retain one year of additional eligibility for the Post-911 GI Bill. The opposite is NOT true. MGIB is fixed at approx. 1550; with "kicker" the monthly payment increases to approx. 1800/mo.
With this in mind, two of my top programs were the aforementioned in Boston and the second highest was in Philly.
Here's a quick benefit comparison for Boston, MA:
Post-911: $2,817/mo
MGIB: $1,798/mo
While it seems obvious which to choose in this situation, keep in mind that if I were to enter a fellowship I would retain a year of eligibility past the three year residency I will be attending. This would mean after I have exhausted 36 months X $1800/mo, I would be entitled to 12 months X $2817/mo if completing a fellowship.
Total Benefit Comparison:
3 yrs of MGIB + 1 yr of Post-911 total: 64728 + 33804 = $98, 532
3 yrs of Post-911 total: $101, 412
The cost comparison between total entitlements is more favorable in a location like my second choice, Philly. In that instance, both are approximately 1800/mo. in that case, it would absolutely be preferable to use the MGIB first. As follows:
Benefit comparison for Philly
Post-911: $1,803/mo X 36 months = 64,908 (big NO)
MGIB: ($1,798/mo X 36 months) + ($1,803 X 12 months) = $86, 364
So clearly for cheaper areas and cities, the MGIB is a no-brainer. The problem I'm having is for more expensive areas - in this case, Boston.
Appreciate thoughts in advance for the first scenario.
I thought this was worth a thread, because I am sure others have similarly had to choose between the two GI Bill entitlements and may not understand that the MGIB can have a post-911 tack-on year afterwards.
My first choice was in Boston, MA.
While I am not sure which I matched into until later this week, here is a question I have for the milmed gurus of this forum.
If you choose the MGIB, you retain one year of additional eligibility for the Post-911 GI Bill. The opposite is NOT true. MGIB is fixed at approx. 1550; with "kicker" the monthly payment increases to approx. 1800/mo.
With this in mind, two of my top programs were the aforementioned in Boston and the second highest was in Philly.
Here's a quick benefit comparison for Boston, MA:
Post-911: $2,817/mo
MGIB: $1,798/mo
While it seems obvious which to choose in this situation, keep in mind that if I were to enter a fellowship I would retain a year of eligibility past the three year residency I will be attending. This would mean after I have exhausted 36 months X $1800/mo, I would be entitled to 12 months X $2817/mo if completing a fellowship.
Total Benefit Comparison:
3 yrs of MGIB + 1 yr of Post-911 total: 64728 + 33804 = $98, 532
3 yrs of Post-911 total: $101, 412
The cost comparison between total entitlements is more favorable in a location like my second choice, Philly. In that instance, both are approximately 1800/mo. in that case, it would absolutely be preferable to use the MGIB first. As follows:
Benefit comparison for Philly
Post-911: $1,803/mo X 36 months = 64,908 (big NO)
MGIB: ($1,798/mo X 36 months) + ($1,803 X 12 months) = $86, 364
So clearly for cheaper areas and cities, the MGIB is a no-brainer. The problem I'm having is for more expensive areas - in this case, Boston.
Appreciate thoughts in advance for the first scenario.
I thought this was worth a thread, because I am sure others have similarly had to choose between the two GI Bill entitlements and may not understand that the MGIB can have a post-911 tack-on year afterwards.
