I currently work for the VA. Student loan assistance is a max of 24K yearly for loans, dollar for dollar match for five years or until your med school loans are paid off. At least it was as of last year, I haven't looked in 2021.
I'll speak mostly to some of the positives specific to the VA off the top of my head, since the negatives are well documented already all the time. It's nice to not have to worry about carrying malpractice insurance if you work only at the VA, and having a lower risk of being sued is nice (patients generally have to sue the government first, not you directly.) However, not having to carry malpractice insurance is offset by higher non-VA salary. With the pension - if you can make more money outside the VA and invest it into your retirement, the VA is not any better just because it has the FERS pension. But if you are not great with money, the VA can be a good option. You're not going to get rich working at the VA, but it can be a long and rewarding career and it's not financially worse than public mental health or academia overall.
Not having to do a lot of prior auths or utilization review communication with insurance companies is nice, but that is offset in the VA by the large amount of aribtrary paperwork/documentation you have to do in the VA, which is honestly the worst part of being at the VA.
With the VA you can have any state license and practice at any VA, which is nice. You can move city to city and not worry about rolling over your retirement accounts. Heck, you can even prescribe using the VA hospital's DEA and not have your own if you want (I don't advise it.) The VA is more predictable as far as getting steady cost of living and tenure raises (step grade raises) so you can keep up with inflation. It's steady work for doctors who don't want to be entrepreneurs or take the peanuts academia offers and all the academic politics. And you can still teach residents and medical students as an adjunct prof.
If you like helping veterans, of course the VA is the way to go. I have seen the VA in general improve greatly over the last 15 years in pretty much every area. You always see news stories about what went wrong at some VA somewhere. Ever wonder why that is? Is it because bad things don't happen at non-VA clinics and hospitals? No, it is because by law the VA has to be transparent and give information to the media when asked. That transparency improves care.
The VA offers a lot of ancillary resources not available in other public or private mental health care settings, at minimal cost to veterans compared to non-VA care. I love that I have staff that can refer my patients to an inpatient dual-diagnosis rehab fairly easily, access to rTMS, ECT, and have an intensive case management staff. Lots of times patients don't have as nearly as good access to those things that outside the VA, that is certainly true in my state that always seems to vote against supporting any mental health care initiatives. The VA has easy to use and robust telepsychiatry opportunities and you can get paid the same as you would in person. The VA offers lots of free good quality CME all the time, the main issue is getting time away from your duties to attend, but overall that's a good problem to have.
Go to the VA and look around at the employees and note what type of people you see. The VA is a diverse place to work, not just at the MD level but in most jobs, whether you are on the coast, in the mid-west, in a city, or at a rural VA. There is a reason people of color work for the VA, and it's because federal careers provide stability and better protections against discrimination. I'm proud of that. In my experience, there is a lot more racism and discrimination in institutions outside the VA.
Finally I'll say this, as far as your individual work experience in a VA and It's the same thing my veteran patients say: "If you've seen one VA, you've seen one VA." Some of the VA's are great places to work and get care, others aren't as good. The VA is the largest hospital system in the nation. How nice it is to be at a particular VA, like anywhere else, has a lot to do with the local administration and department leadership and co-workers. If they are committed to helping and good at what they do, and generally nice people, it can be nice. I'm currently at what is considered a very good VA hospital, and we have veterans come from surrounding states and travel extra hours to come here instead of the VA in their own area because they get more personal care here and we have good staff. I will say that in the past I thought of leaving, but that is because I was overworked and we are short staffed. (Steps were taken to retain my services, so that was nice - I'm at a location that is currently good to work for.) But, again, being overworked and burned out is not specific to the VA system, I see that in public health and even academic centers.