Navy HPCP

[fujindesu]

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I found very little information about HPCP on this sdn. Is this a feasible plan to attend an expensive school like USC? do you get the 20k sign on bonus? Will your time spent in dental school help you make rank to O-4 faster during your pay back years? any info is appreciated, thanks in advance.

 

[del Sol DOHC]

I found very little information about HPCP on this sdn. Is this a feasible plan to attend an expensive school like USC? do you get the 20k sign on bonus? Will your time spent in dental school help you make rank to O-4 faster during your pay back years? any info is appreciated, thanks in advance.

I assume that you are talking about HSCP. For a school as expensive as USC, I would not even consider HSCP over HPSP. Unlike HPSP, HSCP does not pay your tuition. It simply puts you on active duty and gives you the salary and benefits of an E-6. Assuming you are an unmarried USC student, you would receive $4,382.24/month ($52,586.88/year) before taxes. That sounds like a lot, until you realize that your tuition will cost you $300,000, and you still have to pay Southern California living expenses. HSCP recipients do not receive a signing bonus and will not make O-4 any faster, though time spent in dental school while on HSCP does count toward longevity pay increases and retirement. HSCP is much better suited for people that are attending cheap state schools. Go with HPSP.

 

[fujindesu]

I assume that you are talking about HSCP. For a school as expensive as USC, I would not even consider HSCP over HPSP. Unlike HPSP, HSCP does not pay your tuition. It simply puts you on active duty and gives you the salary and benefits of an E-6. Assuming you are an unmarried USC student, you would receive $4,382.24/month ($52,586.88/year) before taxes. That sounds like a lot, until you realize that your tuition will cost you $300,000, and you still have to pay Southern California living expenses. HSCP recipients do not receive a signing bonus and will not make O-4 any faster, though time spent in dental school while on HSCP does count toward longevity pay increases and retirement. HSCP is much better suited for people that are attending cheap state schools. Go with HPSP.

Thank you del sol, I won't be able to make the board this week, and my recruiter doesn't know if there will be another board meeting, and there is no 3 year hpsp either.

 

[del Sol DOHC]

If you come to the point where HPSP is no longer an option, and you still want to join the Navy, then absolutely jump on HSCP. My HPSP application wasn't complete until some time in March, so I was wait listed. I was ready to accept HSCP, but then I was selected off the HPSP wait list in June. Truthfully, I would have joined the Navy even without any scholarships, so of course I would have taken HSCP over nothing. You have to decide if it is worth it for you.

 

[NOLAdentist2016]

Thank you del sol, I won't be able to make the board this week, and my recruiter doesn't know if there will be another board meeting, and there is no 3 year hpsp either.

Are you sure about this? I know you can't get the 3 year scholarship right now if you don't get a 4 year, but from my understanding 3-year applications should open up next fall.
I've thought about HPCP (or whatever it is called), but it really only makes financial sense if you're going to a really cheap state school. I've actually heard of some cases where it was actually better financially to take HPCP and just pay tuition at your state school from that.

 

[fujindesu]

I cannot afford to take the HSCP 🙁 I will be roughly 150k-200k in debt (with HSCP) depends on where I end up, I don't think those type of debt is manageable with a LT's pay. Hopefully I get lucky and get on the hpsp waitlist, otherwise I will be on the lookout for the 3 year hpsp next year, thanks guys

 

[littlej2455]

Do you know if there is a limit to the amount that the HPSP program will repay? I was looking around on the website and saw $269,000, is that true? Or will the HPSP pay all tuition cost? Just curious because I will be going out of state and my total tuition will cost over $269,000.

 

[vellnueve]

They'll cover all tuition and expenses billed with tuition TTBOMK.

 

[HeyCharlie]

If attending an expensive school, you're better off being late with the app and being deferred for a 3-yr HPSP than receiving a 4-yr HSCP. Even though you'll have to pay for the first year of dschool out of pocket, it'll still be cheaper after 4 years.

 

[Blando]

man, i think it just really depends, you would only owe 16 years for a retirement, which you could do a specialty in the meantime. Your loans could be paid off in ten years for working for the federal government paying the minimum monthly payments. I guess it just depends on what you want to do.

 

[tingting]

One thing to keep in mind is that an LT coming in after HSCP makes more money than an LT coming in under HPSP because they have credit for 4 years active duty. Right now the difference is about $15k the first year out of school. Also since you would be active duty you are able to use the GI Bill to help pay for dental school, so make sure you factor that in as well.

 

[fujindesu]

man, i think it just really depends, you would only owe 16 years for a retirement, which you could do a specialty in the meantime. Your loans could be paid off in ten years for working for the federal government paying the minimum monthly payments. I guess it just depends on what you want to do.

thanks for the response guys. Blando you just touched on something I've always wondered out, PSLF. Why don't career military officers take out max loans while in school, and have it forgiven after 10 years with IBR/PSLF? 350k forgiven in loan + about 400k worth in HPSP sounds like an amazing deal. Does HPSP exclude you from financial aid or something?

 

[vellnueve]

thanks for the response guys. Blando you just touched on something I've always wondered out, PSLF. Why don't career military officers take out max loans while in school, and have it forgiven after 10 years with IBR/PSLF? 350k forgiven in loan + about 400k worth in HPSP sounds like an amazing deal. Does HPSP exclude you from financial aid or something?

Never mind the idiocy of taking out high-interest loans you don't need and have to pay back for ten years, the amount of money paid out by HPSP makes you ineligible for many loans.

 

[Kabek]

Why don't career military officers take out max loans while in school, and have it forgiven after 10 years with IBR/PSLF? 350k forgiven in loan + about 400k worth in HPSP sounds like an amazing deal. Does HPSP exclude you from financial aid or something?

Wow, integrity check.

 

[fujindesu]

I called the financial aid office, and you guys are right, HPSP will not qualify you for alot of the loans. But with HSCP you are still qualified for max loans, and imo if you are a career navy person, max loan + HSCP and PSLF in 10 years is the way to go. Is anyone currently on the HSCP going this route?

 

[385835]

I get the impression that HSCP is easier to get than the HPSP?

 

[NOLAdentist2016]

One thing to keep in mind is that an LT coming in after HSCP makes more money than an LT coming in under HPSP because they have credit for 4 years active duty. Right now the difference is about $15k the first year out of school. Also since you would be active duty you are able to use the GI Bill to help pay for dental school, so make sure you factor that in as well.

Is this true? You can use the GI bill to pay for dental school? I haven't heard of this anywhere else, can anyone comment on this and how it would work?

 

[Kahr]

Is this true? You can use the GI bill to pay for dental school? I haven't heard of this anywhere else, can anyone comment on this and how it would work?

This came up here:

http://forums.studentdoctor.net/showthread.php?t=550274

And here's a thread from military.com:

http://forums.military.com/eve/forums/a/tpc/f/4460002232001/m/4760069142001

 

[del Sol DOHC]

Is this true? You can use the GI bill to pay for dental school? I haven't heard of this anywhere else, can anyone comment on this and how it would work?

It is true. You become eligible for Post 9/11 GI Bill benefits after as little as 90 days on active duty. HSCP students are on active duty and are eligible. I can't tell you the specifics, but send a PM to Smills91. I know for a fact that he is/was a non-prior service dental student, who used HSCP and the Post 9/11 GI Bill simultaneously to pay for dental school. I'm sure he can answer your questions.

 

[chompsss]

For the record, it looks as though years spent in dental school while on HSCP do NOT count for PSLF even if you're paying on a qualified plan and don't put the loans in in-school or deferred status.

In this attached document (Public Service Loan Forgiveness Employment Certification Form), on the third page, left column, next to Military Service, it says that while "Active Duty" counts, it specifically says, "...but does not include active duty for training or attendance at a service school."

I believe the second part of that is referring to the Air Force Academy, Naval Academy, etc., but I think that the "active duty for training" is where the HSCP hang-up would be for dental school. I guess it ultimately depends on how you're classified by the military - I'm willing to bet you're classified as "Active Duty - Training" or something like that. Can anybody on the HSCP (or in the know) confirm or deny this for me?

This only brings to light another question, however: would qualifying payments made while in residency (say, a 2-year AEGD in the Navy), count? Or, would they not count? <--this also depends on how you're classified by the military during that time. Does anybody know how you're classified when in residency?

https://studentaid.ed.gov/sa/sites/default/files/public-service-employment-certification-form.pdf

 

[willwash]

I believe the GI Bill you get after just 90 days is a tiny fraction of the full benefit.