~DrHouse

Would it be so bad to look like a PhD student that couldn't cut it if you don't what the jobs that a PhD would apply for (PI, ect..)?

I'm strongly considering joining a PhD program (Neuroscience) solely for the purpose of getting a MS for free while collecting a stipend. I realize that this is considered unethical and may result in burned bridges with faculty at the university I attend. However, due to financial constraint and the lack of funding for terminal MS programs, it appears to be the only option that will not leave me with significant debt.
My questions is: Do any of you know someone who has done this? If so, how did it turn out?
Any advice is appreciated.

A lot of people do this with the assumption that the first two years of a PhD program are essentially the same as a two-year terminal master's degree program.  And while on its face it does look like that, it's not entirely true.
 
On a most basic level, often times the PhD class requirements are different.  For example, my department has terminal professional master's programs, terminal research master's programs and an MA/PhD program.  While I did take most of my classes with students from both programs, the requirements of my program were completely different and more research-oriented.  I didn't have to take environmental health sciences or health policy and management; I didn't learn technical skills like program evaluation and healthcare marketing like the students in my department did in their professional classes.  And the core is even different for the terminal MS students - they take core classes with the MPH students.
 
Often even more integrated programs have doctoral only classes that focus on more theoretical and research issues.  If you want to focus on more applied issues in neuroscience or want to learn technical skills that you can apply outside of research/academia, then you may be unhappy.
 
And on the internship front, your professors will not support you doing an internship outside of research.  Not that doctoral students don't do them - but they do tend to do them later in their doctoral careers, when they have more unstructured time.
 
Which leads me into my next point.  Everything in a PhD program is geared towards preparing you for research jobs that require a PhD, primarily academia.  That's going to be especially true in neuroscience.  It's not that neuroscience doesn't have applications outside of academia but even the most applied departments (like public health!) still have the expectation that their students are going to be professors somewhere.  Most of the jobs passed around my parts are academic, and I feel like the "out there" student because I want to go do research in a think tank or a federal agency, and not be a professor.  Trust me, it will drive you nuts.
 
Also, people around you tend to drag their feet towards MS requirements when you are in the doctoral program, because it doesn't matter. I didn't get my MA until after year 3 in my program.
 
Can you do it?  Sure, and you will get the free master's, especially if you are a sufficiently good actor (or just keep your mouth shut) so that nobody knows you intend to leave.  And realistically speaking, nothing bad will probably happen to you, as nobody will be able to tell that you had no intention of finishing the program if you do it right.  But it's still unethical.
 
I know that there are some funded programs in neuroscience; you may want to check those out.