Was anyone else accepted to a PhD program but put on the wait list for a first-year fellowship? Indiana U Bloomington did this and I found it odd considering they did offer me five years of full funding plus a $15K+ stipend starting the second year. I want to look into the program, but unless I get that first year fellowship, I'm not sure I'm prepared to take out another loan. I was accepted to an MA program with full funding and am still holding out hope for at least one more PhD program. Does anyone know of other schools that do it this way? Is it worth it to take out a loan or would it be better to go with the funded MA program and try and get into an even better funded school once I improve my research interests and such?