I'm in a really similar position, but am still waiting from funding from Penn. If funding doesn't happen, this is an obvious choice for me, Chicago. However, if I do get funding at Penn, it will be a bit trickier. Is it worth taking a year (probably without loans as I could live at home) and trying to get into top programs next year or should I take a guaranteed PhD position if I have one? My subfield is theory, which means that Penn is in the top 20 according to UNSWR. However, it might be even more important for me to be in a top program, because the theory job market is pretty dismal. I know this is all conjecture at this point because it depends on funding at Penn, but does anyone have any thoughts or advice? Thanks!