Hi all! I have been a lurker here for a couple years now (ever since I decided that graduate school might be in my future). First, let me say that you've all been a great help in the past to all us lurkers, even if you never heard us say so (until now). So thank you!
On to my current problem:
I was accepted to the department of mechanical and aerospace engineering at the University of California: Irvine, and I am currently finishing up my first quarter here next week. I was given the NSF fellowship and therefore have three years of full-funding plus $30,000 in stipend per year. I have started working on refurbishing an older robot for new research purposes, but it's a longer project that may not culminate in publications for a while.
When I applied to grad school, I did it with intentions of a terminal masters, but (insert a long story here) was eventually accepted for a PhD with the expectation of earning a masters on the way. I was also urged to apply for theNSF graduate research fellowship, and I did. I did it more so with expectations of gaining application writing experience, and was surprised to be honored with the fellowship! The important fact to take away is that I sort of "fell" into a PhD track without set intentions to do so.
Because of the fellowship, I currently live a very privileged graduate student's life. I just don't know if I can spend five more years in academia. For a mechanical engineer (M.E.), the benefits of a PhD over a masters aren't that much, and in all honesty not fiscally worth an extra 3.5-4 years. I have ambitions to work in industry, and therefore don't need a PhD (for teaching etc…), either. On the other hand, I feel like I have a huge opportunity in front of me as well. I have no debt, I have great funding, and am in a good place. I have just turned 22, which is young, but 27 still sounds like a long time to wait before I venture into the "real world" or make "real money". Is it selfish to turn down 1.5 years (out of the 3 offered towards a PhD) of funding from the NSF? I just know a lot of people who ARE set on PhD would kill for my situation.
If you made it this far, thank you!! I really don't know what to think about all this, and your opinion is very helpful!
So, my question is.. what would you do?!
Would you tell your advisor your thoughts right away, and maybe ask him advice? Or would you make your decision first/on-your-own? Essentially, I would be able to finish my master's by the end of this year (august 2013) if that was my final decision, but would give up 1.5 years of NSF funding (~=$55k). Option 2: I can put my head back down and dig in for five years.