I applied to three Master's programs and have so far been accepted to one. The school that I was accepted to doesn't have the greatest reputation, and is certainly not a top or probably even mid-tier school in Canada. That being said, they are offering a ton of funding including a research fellowship under a Professor that I would love to work with. The program perfectly fits my interests, but I'm having second thoughts due to its reputation. I looked through LinkedIn to find out what grads of the program are up to now, and of the 12 or so I found, 1/4 are not doing much of anything (although to be fair they are recent grads), 1/4 are working outside of academia, 1/4 are doing something related to history but not at a high paying job, and 1/4 continued on to a PhD at higher-tier schools. The one person I found that worked under the Professor I'm interested in is currently doing a PhD at a fairly prestigious school doing exactly what I want to do.
So, my question is how important is a school's reputation for a Master's program? There's a decent chance I'll get accepted to a school with a better reputation but it'd probably be a worse fit and almost assuredly be less funding. Will going to this school hurt my chances of going on to a PhD, or will I get out of it what I put in?