Navy HPSP 3-Year or 4-Year $20,000

[cc7788]

Hi everyone, I was lucky to be offered the Navy HPSP. I will be attending UOP in a few months and I was given the option of choosing a 4-year commitment/4-year HPSP with a $20,000 sign-on bonus or a 3-year commitment/3-year HPSP. Since my school is 3 years, my tuition would be covered regardless. I am interested in specializing but I think it's too early for me to be completely sure.

If people that have gone through HPSP or a similar situation, I would appreciate any advice you may have! Thank you in advance!

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[ShortShortsDad]

Absolutely DO NOT sign that 4 year contract! If you need additional money take out subsidized student loans and return what you don't use - some people even invest their student loans and then return the principal during the grace period.

Even if you want to specialize it may be better to have a 3 year contact. All those lucrative retention bonus numbers you see, you can only get those once you no longer have an ADSO (have completed your years obligation to the military).

Say it takes you a few years to get accepted to your residency, then right before residency you will be able to sign an extension contract with a bonus and make an awesome salary during residency. Or, like ~70% of HPSP recipients you will decide the military isn't for you and be massively thankful that you didn't waste a year for $20k.

 

[flatdry]

That 20k is a lot lower after taxes anyways.

 

[vellnueve]

That 20k is a lot lower after taxes anyways.

So is every paycheck you'll make in your working life. Why not just turn them all down?