The U.S. Army Medical Department announced that it is increasing the stipend associated with its Health Professions Scholarship Program (HPSP) to $1,992 per month, effective July 1, 2009. Through this economic downturn, many medical and dental students are faced with anxiety about taking out student loans to finance their education, especially knowing that the average medical school student loan debt is $150,000 after graduation(i) (see also <http://www.newsrx.com/library/topics/U.S.-Army-Medical-Department-AMEDD.html> U.S. Army Medical Department (AMEDD)).

The United States Army Medical Department (AMEDD) through its F. Edward Hebert Armed Forces Health Professions Scholarship Program (HPSP) helps students to finance their graduate medical, dental or veterinary degrees, as well as select nursing degrees or certain degrees within the Medical Service Corps by providing students with the full cost of tuition; school related fees and books; as well as a stipend of $1,992 per month throughout the school year. In addition, HPSP recipients in the Medical Corps and Dental Corps are eligible for a one-time $20,000 (less tax) sign-on bonus.

“The call to serve as a health care professional is vital to the health of our nation and our Army, but we continue to face shortages of qualified medical professionals in both the civilian and military world,” said Colonel Rafael Montagno, commander U.S. Army Medical Recruiting Brigade. “Now more than ever, it’s important that students know there is financial support available to help them achieve their dreams of a health care career.”

For many students seeking a valuable career in health care, qualifying for loans and student loan debt is a serious issue preventing them from pursuing advanced degrees. According to a 2007 study by the American Association of Medical Colleges, physicians who are on a standard 10-year loan repayment plan would see half of their after-tax earnings go towards their loan payment.

Graduates of HPSP finish school debt-free and, as members of one of the largest health care organizations in the world, gain unparalleled practical experience beyond what is available to their civilian counterparts.

The scholarship is available in 1, 2, 3 and 4-year increments and provides benefits during school and after graduation for those who are currently enrolled in a graduate medical, dental or veterinary program, or those pursuing psychiatric nurse practitioner degrees or other medical service degrees such as optometry or clinical/counseling psychology. Upon graduation and entry into active duty, AMEDD Officers receive increases in salary and new opportunities for a broad range of residencies, fellowships and special pay incentives. Acceptance of the Critical Skills Accessions Bonus includes a four-year active duty and four-year Reserve service obligation, which can be fulfilled concurrent with service obligations related to HPSP upon completion of residency programs and becoming licensed to practice.

For 10-and-a-half months of each school year, a monthly stipend of $1,992 will be paid to each scholarship recipient. This amount is adjusted each year to allow for cost of living increases, but amounts to more than $20,000 annually in addition to the cost of tuition and other school related fees. The remaining six weeks of the year are dedicated to hands-on training during which HPSP participants receive Officer’s pay as a second lieutenant.

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This entry was posted on Wednesday, July 29th, 2009 at 12:53 pm and is filed under Dental Care & Health Care. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.