Financing my Education
Being that the only dental school that have accepted me so far (and all the other school that might accept me in the future) is out of state and super goddamn expensive (75k/yr), getting loans and scholarships became rather important. When borrowing money for a health professional/graduate program, the government becomes much more willing to lend out money, with federal loans up to some 35k/yr or more! It’s not uncommon for most health professional students to graduate with some 100~300k in debt with all the different loaners more than willing to invest.
Why? Because it’s guarenteed cash in their pocket! Where else can you find responsible and hardworking adults that needs such big chunk of change? They all know in order to get into a health professional program in the first place, the students have worked their asses off, and they won’t let a little thing like money stop them.
Taking a different look at the money issue, the Department of Defense got the bright idea of recruiting medical personnel by offering scholarship to students in return for service in the military. The military are a fragile bunch, they get hurt a lot – and the DoD gotta find some incentive to keep smart medical professionals in the forces! What can they do? I mean, the DoD can’t force people into the military without drafting and that hasn’t been done in ages. Thus, the Health Professional Scholarship Program.
So, here’s the logic ~
I can go to school for 4 years, graduate and be in debt for 300k, go into residency for 2 years at which time, I’d earn hardly any money and the interest will start to accrue. After the 2 year residency, I’d have to borrowing another 100k to open my own practice or go into associateship and work my ass off for someone else – etc ~ etc. I’d be okay eventually, but it’d take a while time.
Or, with the DoD’s HPSP where each year of paid schooling will cost me a year of service in the military. After I graduate, I’d owe no money. I’d go into the military for 4 years, during which time, I’d get to hone my skills on grunts who can’t exactly complain about the service. I’d be paid during these 4 years as an officer in the military, and get bonuses too!
The results are the same, which ever way I take – except my life will be pretty much planned if I take the military route. I won’t ever have to wonder what my next step must be.