If I could go back in time, I would tell my past self to apply for the HPSP. If you know that you want to be a GP and are likely to attend an OOS or private school, HPSP is a very good deal. Even if you got into your state school, that is if you had one, HPSP would still be a great option. Here's why:
My state school increased its direct cost by $3,000 bringing the annual total for fixed-costs to almost $40,500. Assuming that the school does not increase the tuition for subsequent years (unlikely), I will be taking out the maximum unsubsidized 6.8% + 1% origination fee loans of $40,500 per year. During the four years of dental school, the accrued interest will amount to $29,160 for the $162,000 ($40,500 x 4), making the grand total by graduation equal to $191,160. Under the standard 120-month (10-year) repayment schedule, the total repayment will be $263,985. The total interest will be $72,925. The monthly loan repayment amount is $2,200. Under a 48-month (4-year) repayment schedule, the total repayment will be $218,873. The total interest will be $27,713. The monthly loan repayment amount is $4,560. Ideally, I would like to pay this off within 4-years or less. My annual expenses for student loans would be $54,720. I do not know how much the typical newly grad makes but assuming I am lucky and also remain single, a $120,000 gross salary would equate to $6,643 in state income tax for Virginia and $23,000 in Federal income tax. Net-income would be $120,000 - $54,720 - $6,643 - $23,000 = $35,637.
As a military dentist you get paid >$60K during your service and receive both a $20K bonus and $2K/month stipend during dental school. There are also downsides. Some would also argue that your clinical experience is limited within the military if you do not add another year for GPR/AEGD, making the total service obligation 5-years. From what I've read, the military limits certain procedures to only those with GPR/AEGD experience. Private practitioners are also learning the ins-and-outs of running a dental practice while the typical military dentist is exposed to much less business experience. You may also lose a potential patient base by joining the military. If I had not been interested in a specialty, I would have applied for the HPSP. You can still apply to specialties after your service obligation but I prefer spending those first years out of dental school completing my residency instead of practicing general, bread-and-butter dentistry (as opposed to practicing specialty dentistry).
After explaining the possible financial benefits, I think it's necessary to remind ourselves that it's best to leave the HPSP to those who are seriously considering a military career and who have a genuine interest in service.