Getting your PhD in English from one of the top 10 schools in the country (like Harvard) is probably a bad idea. Getting your PhD from school outside the top tier is just insane. Sorry, but this cannot be said enough. At least some of the Ivies offer stipends of over $30k/year so you're not totally wasting 5-7 years of your life if (and when) you have to switch careers. The schools that will actually replace the jobs vacated by retiring faculty will be elite private universities (like the Ivies, Stanford, Duke, Vandy, etc) and private LACs with big endowments (Swarthmore, Williams, Amherst, etc). You need, at the very least, a PhD from a top school just to compete for those jobs (let alone teach there). And even these schools are increasingly relying on visiting lectureships. Public universities across the country are under siege and the first jobs that state legislatures are eliminating are in the humanities. I have no idea what would compel someone to slog through a poorly ranked PhD program on $15k/year with no job prospects. I'm absolutely baffled by people who take out loans to pay for an MA. In both cases, you're better off working at Starbucks and reading literature the way it should be read (for fun).