In response to #1, once you are in they have a lot invested in you so they will try to keep you in. If they release you from the program, it will be very unpleasant and they will send you a massive 6-figure bill.
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That's not even close to true. If you are willing to stay in but the military asks you to leave due to a medical condition, you won't have to pay a cent. In fact, you may even get disability. If you get kicked out (ie, smoking pot, DUI), that is a different story. If you lied about your asthma before you signed the line, that too is a different story.
I don't think having asthma will affect you at all. When I was the GMO on a Navy ship, I had a ton of asthma people, and they didn't have "waivers," they just had asthma.
Believe me, if you are applying for a residency in the military, your medical record has absolutely NOTHING to do with it. The selection board in washington doesn't have your medical record in front of them while they are picking your fate. That's just ridiculous.
deuist said that he knew of someone who got kicked out for asthma. I find that hard to believe. I would bet $100 there is more to the story. Like I said, I knew people ON A SHIP with some pretty serious co-morbidities, and asthma was nothing. I suppose it may depend on severity, but even then......I just don't know, it seems strange to me. I had a guy with Crohn's with anal fistula's. I'm tellin' ya, well treated asthma is small potatoes.
Finally, with the trouble the military is having recruiting HPSP students, I highly doubt they are looking to kick people out.