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Hi, I am currently in a GPR program (graduated in 2013), and am looking into joining the service for many reasons. I will truly appreciate if you gentlemen or ladies who have prior experience in service can answer my questions..
1. PSLF (10yrs) + Pay as earn = a financially good idea?
Basically, I have two options laid in front of me. Either working as a general dentist making ~120k (~70 after tax) and use pay as earn for 20 yrs, OR joining the service for 10 yrs and utilize PSLF/Pay as earn to come out loan free at the end of service. I understand that there are so many different factors to consider to compare these two options, but I think PSLF makes more financial sense given the amount of loan I have (350k from private school). Is anyone doing PSLF/Pay as earn? If so, how much are you paying for monthly payment?
2. Direct Accession bonus or Loan Payment Program?
It seems that the most financially attractive signing options are direct accession bonus (75k) or loan payment program (40k upto 4 yrs). If I utilize PSLF + Pay as earn, I think paying off extra amount of loan using loan payment program does not make much sense since whatever amount thats left at the end of 10 yrs will be forgiven. So, if I want to stay for 10 yrs, it seems that choosing direct accession bonus makes more financial sense. If I want to get out after 4 years, loan payment program may be better. Am I correct?
I am meeting with recruiters from different branches soon and may come back with even more questions as some recruiters do not know answers to all the questions (according to my friends in service)..
I will truly appreciate if some of you with similar or same experience can answer my questions above.
Thanks in advance.
1. PSLF (10yrs) + Pay as earn = a financially good idea?
Basically, I have two options laid in front of me. Either working as a general dentist making ~120k (~70 after tax) and use pay as earn for 20 yrs, OR joining the service for 10 yrs and utilize PSLF/Pay as earn to come out loan free at the end of service. I understand that there are so many different factors to consider to compare these two options, but I think PSLF makes more financial sense given the amount of loan I have (350k from private school). Is anyone doing PSLF/Pay as earn? If so, how much are you paying for monthly payment?
2. Direct Accession bonus or Loan Payment Program?
It seems that the most financially attractive signing options are direct accession bonus (75k) or loan payment program (40k upto 4 yrs). If I utilize PSLF + Pay as earn, I think paying off extra amount of loan using loan payment program does not make much sense since whatever amount thats left at the end of 10 yrs will be forgiven. So, if I want to stay for 10 yrs, it seems that choosing direct accession bonus makes more financial sense. If I want to get out after 4 years, loan payment program may be better. Am I correct?
I am meeting with recruiters from different branches soon and may come back with even more questions as some recruiters do not know answers to all the questions (according to my friends in service)..
I will truly appreciate if some of you with similar or same experience can answer my questions above.
Thanks in advance.
