Apr 6, 2011
60
0
Status
Medical Student
Hey all I'm a rookie when it comes to financial aid matters so go easy....I used the GI Bill during my undergrad and didn't need too much aid. But I'm strongly considering signing with the Navy HSCP. If I do then I will be placed on AD during med school at the paygrade of E6 and I will pay my own way thru school. In the end I will make about 52k a year and was wondering how this will impact my loans during 2nd year. I have already been offered more than enough for 1st year. I'm married (wife will not work) with one child and I don't want them eating beans and rice while I'm in school. Thanks!
 

surfdr

7+ Year Member
Dec 15, 2009
72
0
Status
Medical Student
Hey all I'm a rookie when it comes to financial aid matters so go easy....I used the GI Bill during my undergrad and didn't need too much aid. But I'm strongly considering signing with the Navy HSCP. If I do then I will be placed on AD during med school at the paygrade of E6 and I will pay my own way thru school. In the end I will make about 52k a year and was wondering how this will impact my loans during 2nd year. I have already been offered more than enough for 1st year. I'm married (wife will not work) with one child and I don't want them eating beans and rice while I'm in school. Thanks!
You should be eligible for student loans, up to the cost of attendance of your program (coa). The worst case scenario is that if you have a high efc, you will have to take out more unsub/grad plus as sub loans are need based. This is one of the advantages of HSCP over HPSP, and why I am applying for it (hopefully my file makes it to the June board, I am also married with dependents). Some schools count HPSP stipend as fin aid, and reduce your coa by such, however every school is different. Always check with the school fin aid office to see how they handle things. Since HSCP doesn't send any funds to the school, and your income is a salary, it should only affect your efc, but not loans you can borrow. Feel free to pm me with any other questions.

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Gatorfan44

10+ Year Member
Feb 16, 2009
36
0
Status
Pre-Medical
You should be eligible for student loans, up to the cost of attendance of your program (coa). The worst case scenario is that if you have a high efc, you will have to take out more unsub/grad plus as sub loans are need based. This is one of the advantages of HSCP over HPSP, and why I am applying for it (hopefully my file makes it to the June board, I am also married with dependents). Some schools count HPSP stipend as fin aid, and reduce your coa by such, however every school is different. Always check with the school fin aid office to see how they handle things. Since HSCP doesn't send any funds to the school, and your income is a salary, it should only affect your efc, but not loans you can borrow. Feel free to pm me with any other questions.

Sent from my SGH-T959V using SDN Mobile

Correct. I'm HSCP with four kids and the HSCP salary alone wasn't enough to cover tuition/fees and cost of living for a family of six so I took out some loans as well. Plus, with HSCP your family has medical coverage. With HPSP, only you have coverage.
 

ActiveDutyNavy

10+ Year Member
Jan 5, 2009
88
3
Status
Attending Physician
I too was HSCP with dependents and a stay at home wife. I took out max loans every year and my loan total was the exact same as my jobless single colleagues. Your pay should only effect you efc like a previous poster mentioned.
 

Kingfisher

Active contact
10+ Year Member
Apr 25, 2008
366
40
Haze Grey
Status
Attending Physician
Think about the HPSP if your are NOT going to a state school with in-state tuition (or USUHS). If you are thinking about going to a private or other expensive school, you may be better off doing the HPSP. Even though you are making E-6 Pay, you will have to come up with the tuition and books yourself which can be your entire E-6 salary EACH YEAR! This means that even though you are getting paid, you still get the shaft of HUGE student loans to pay back. HPSP will pay the student loans and give you a stipend (couple thousand dollars). If you apply for assistance for your family (Medicaid, food stamps, etc...) you will be fine. You may still have to take out a few other student loans to make up the difference (40-50K vs 200K) depending on the size of your family. You just have to be smart with your money. You wont be eligible for these other programs if you are getting the E6 pay (you'll make too much).

I'm not saying HPSP is better for you, just make sure you weigh your options carefully and do the numbers. :rolleyes:
 

Gatorfan44

10+ Year Member
Feb 16, 2009
36
0
Status
Pre-Medical
Think about the HPSP if your are NOT going to a state school with in-state tuition (or USUHS). If you are thinking about going to a private or other expensive school, you may be better off doing the HPSP. Even though you are making E-6 Pay, you will have to come up with the tuition and books yourself which can be your entire E-6 salary EACH YEAR! This means that even though you are getting paid, you still get the shaft of HUGE student loans to pay back. HPSP will pay the student loans and give you a stipend (couple thousand dollars). If you apply for assistance for your family (Medicaid, food stamps, etc...) you will be fine. You may still have to take out a few other student loans to make up the difference (40-50K vs 200K) depending on the size of your family. You just have to be smart with your money. You wont be eligible for these other programs if you are getting the E6 pay (you'll make too much).

I'm not saying HPSP is better for you, just make sure you weigh your options carefully and do the numbers. :rolleyes:
Good point. For me the deciding factor was the active duty credit I would get during school (for HSCP). Being a prior, with HPSP, residency/payback would put me at 21 years. With HSCP, it puts me at 25 years. That's an extra 10% retirement pay...for hopefully 30 years or so.
 
OP
M
Apr 6, 2011
60
0
Status
Medical Student
Think about the HPSP if your are NOT going to a state school with in-state tuition (or USUHS). If you are thinking about going to a private or other expensive school, you may be better off doing the HPSP. Even though you are making E-6 Pay, you will have to come up with the tuition and books yourself which can be your entire E-6 salary EACH YEAR! This means that even though you are getting paid, you still get the shaft of HUGE student loans to pay back. HPSP will pay the student loans and give you a stipend (couple thousand dollars). If you apply for assistance for your family (Medicaid, food stamps, etc...) you will be fine. You may still have to take out a few other student loans to make up the difference (40-50K vs 200K) depending on the size of your family. You just have to be smart with your money. You wont be eligible for these other programs if you are getting the E6 pay (you'll make too much).

I'm not saying HPSP is better for you, just make sure you weigh your options carefully and do the numbers. :rolleyes:
I am prior service tho and I am attending my state school so the numbers really work in my favor. Plus I will probably retire since I will only owe 11 years of AD to make it to 20 when I'm out of school. 3-5 of those will be eaten up by residency alone. I'm not too worried about the loans since I will be eligible for forgiveness after 10 yrs of IBR.