Do NOT take the HPSP scholarship for the money without crunching the numbers!!
1. Even with HPSP it is difficult not to borrow money- the average I've seen is $30,000 (more if you live in an area with a high cost of living). You have to eat alot of soup to live off the stipend. That's about $400/mo for 10 yrs to payback.
2. "Specialty Bonuses" for being a physician have not increased for the past 10 yrs(that's a 3% LOSS per year because it's NOT included in any cost of living/inflation pay raises). When you figure this in- most physicians only get a 0.9% payraise per year.
Therefore- LOST at least 12% in pay over the past 5 yrs.
3. Calculate you salary diffences.........
I probably LOST close to $500,000- even when you figure in the cost of school/loans, etc.
I will make MORE as an Civilain intern with the GI Bill, then I am making after 5 years in the Military.
**Orthopods close to 1/2 the average salary of thier civilian counterparts!
4. Some states allow group practices or HMOs to pay off $20-30,000 in loans PER YEAR as part of your contract (it's a tax write-off for them).
Don't forget, you can allow pay off your loans with a home equity loan---this means the interest is TAX DEDUCTABLE !!
Your Student loan interest is NOT once you make more then $55,000/year.
If you going to take the scholarship-- do it because you like the lifestyle, travel and the people. Money wise- you'll behind at the end.