I am applying the the Air Force HPSP.
I have done much talking to the liaison and done much personal research on the matter. I am still hanging on the fence though.
HPSP plusses:
All tuition, fees, books, health insurance (minimum required by school), and 1992 monthly stiped (taxed by state, no FICA, = 760 bi weekly)
2nd leutinant (O1) during med school, promoted to O3 (captain) upon graduation and most make O4 - Major by end of repayment.
As a resident, will make close to 65k a year (versus 40-45k as a civilian).
As a full physician, make around 95-105k upon start (will all incentives such as housing allowance, base pay, specialty pay, etc...).
Make no malpractice payments and full job security.
DOWNSIDES:
During medical school, summer breaks must be spent @ first Commissioned officer training, then continued training each summer therefore after.
required to do intern/PGY-1 year at a military residency.
Required to apply to military residency first, and then civilian.
Military residencies are awarded either by 1 year PGY or all 4-5 years, if given 1, you may have to do a flight surgery (GMO) tour and typically results in a 4 year delay to do your residency.
The moving around happens every 3-4 years. Garanteed to be moved atleast twice if you serve your four and go.
Risk of Stop Loss and also required to do 4 years inactive call list.
Pay of specialty doc's versus civilian specialty.
Like I said I am on the fence, I plan on doing a specialty that pays over 200k currenty (risking obamedicine cuts) which if I calculate correctly would allow me to pay off my student loans within 9 years of graduation (paying close to 1200 a month during residency and kick up to 3,500 during attenting pay).
In my opinion I almost would rather do the loans so I have the freedom to choose where I live, what residency program I do with no risk of GMO, and ultimately no risk of facing Stop Loss and reserve call.
I am only on the fence right now because of all the negative news i hear from docs i know and all. All I hear is how administrative costs and government reimbursement cuts are slowly chipping at salaries as does malpractice insurance. I am pretty moderate when it comes to politics, but the health bill scares me will all the cuts to doctor pay. It may almost be worth it for the military job and pay security and stress relief during school. But that I am still deciding.