Should You do the HPSP for Dental School?

I like to do some more generic posts now and then (by that I guess I mean every 3 years) and this is one of them.

I want everyone out there who is considering the HPSP scholarship to have a place to turn for great information and know exactly what steps to take.  In helping many people work through this process, I believe it's a decision that involves 2 basic things:

1) Numbers
2) Emotions

There are lots of things to consider but honestly I believe that just about everything can fall into one of these two categories.  Many people have the tendency to base most of their decisions around either Numbers or Emotions but this is not a decision someone will be happy with if they do not consider both sides fully.

For example, I tend to plan vacations around the right time of year for the price of rooms, airfare, maximizing deals, and getting the most bang for our buck.  I tend to not mind so much about the specific destination.  My wife likes to imagine all the wonderful things about the different destination options and think about the fun things and memories that could be made where we go.  I'm the Numbers and she's the Emotions.  We are well aware of this about each other and we use those strengths appropriately.

Here's my opinion about these as it pertains to the HPSP and some things to let your Numbers and Emotions wrestle through a little bit.

1) For the Numbers, we're talking about money and time.  I know it's awkward to talk about money, especially in a well compensated profession like dentistry, but it has to be part of the discussion here.  When you consider the numbers, think about these questions:

- Am I doing the HPSP only for the debt reduction?
- Am I basing my decision on where I go to school on whether or not I get the HPSP?
- Am I going to be happy making *only* $90,000/year in the Air Force?
- Does this decision make long term financial sense (4 years of military vs. earlier private practice)
- Will I be happy being ?? years old when my time is over?

Let me give you my overall opinion on the concept of the numbers here.  In the end, dental school is expensive and many will straddle themselves with crippling debt and decide in their minds: "this is how the world works and I will be in debt for a long time, so I'll just make the payments and get used to it."  Others will say: "I'm going to tackle this quickly and reduce my debt load so I can pay less overall interest and be free of these payments."  I naturally fall into the 2nd camp here but what's nice about the HPSP scholarship is that it forces you to take option 2, for dental school anyway, because the debt is a non-factor.  If you're naturally inclined to making great financial decisions and want to start a business, you might find that a 4 year military commitment will actually hinder your ability to develop a business and it is worth the debt up front to be able to start in the real world sooner.  This wasn't at the top of my priority list.  It actually is important to me, but my emotions helped tip the scale in favor of taking the scholarship.  This is where you have to decide what makes sense for you.

2) For the Emotions, we're talking about lots of external and internal things that have basically nothing to do with numbers.  This is more about who you are and who you want to be.  Think about these questions:

- Is military service in general something that excites me or makes me uneasy?
- Does my spouse (or potential spouse) support this decision?
- Would my time in the service be an adventure or a burden?
- Can I be happy with wherever the Air Force decides to send me?
- Is this something that I want to be part of my life story?

These are much more personal than the Numbers and must be taken on a case by case basis.  The fewer people that your decision affects, the easier this decision is to make.  If it's just you, then that's easy.  If you have a wife or husband, they have to be part of this discussion.  If you have children, then their long term well-being comes into play.  Think deeply and seriously about these.  If you're a natural Numbers person, this may take intentional and focused effort, even the help of friends and family.  If you tend to be a dreamer and a feeler (Emotions), then you'll need to sit down and get real about the financial impact of your decision because it can crush you if you blissfully ignore it.

If you need advice, I'm always here to answer questions (see my email on the right column) and my "Got a Question?" section has many common questions and my answers to them.  In addition, seek out a recruiter as soon as you become even mildly interested.  The ability to talk it through with someone may give you the spark you need to move forward or the warning sign that this might not be for you.  The sooner you find out, the better.



Overall, think about these two things and when making a decision about the HPSP scholarship, don't just list the pros and cons in two lists.  Try to list pros and cons under either Numbers or Emotions.  This will help you better understand both sides of this so you don't end up making a numbers decision that sneaks up and destroys you emotionally because you forgot to think serious about how you feel.  However, just because something *should* be a pro or a con doesn't mean it has to be!  If your parents are paying for your school, then DON'T list "no debt" in your pros sections under Numbers.  Just don't list it at all!

One last thing... a pro/con list is no good without ACTIONS.  Make a list of action steps to take to clarify some pros/cons if you can't make a decision.


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Example
23 y/o male, $400/month car payment, girlfriend that will probably be spouse soon, strong family ties to surrounding area, never considered military service, grandpa was in the Navy, dad owns his own business, uncle is a dentist in nearby town (didn't do HPSP)

NUMBERS
Pros: no debt after school, job after graduation, limited health care costs, stipend in school could help with car payment, still young so not very old when time is up
Cons: can't start a business right away like my dad, uncle thinks it's a waste of time, not as lucrative as private practice

EMOTIONS
Pros: girlfriend loves the idea, grandpa was in the military so there is a pride factor
Cons: never been interested in the military that much, don't want to move away that badly

ACTIONS
Get more opinions of dentists who did the HPSP instead of just uncle who didn't, research military life some more, see what dad thinks about long term effect on starting dental business 4 years late, ask recruiter about different bases and research things to do in those areas
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