I may or may not be posting this prematurely, but I want to get some other opinions. I have applied to 11 schools for a PhD in Electrical Engineering, at the time of this post I have been accepted to 1 PhD program and 2 Masters programs. I am still waiting to hear back from 3 schools, and funding information from the one PhD. I came from a very small engineering program at a liberal arts university and my professors may have been out of the loop too long, but they were under the impression I would not get admitted anywhere without funding. I did my research and spoke with many schools and the general feeling was that for PhD students I would be funded, masters students were typically not funded. I did not realize how competitive the various funding sources (RA, TA, Fellowships) are when applying.
Here are a bunch of the questions going through my mind at the moment:
1.) Should I really pay for graduate school? I know I want it bad enough to take the loans out and pay, but I am debt free at the moment and don't particularly like the idea of exactly how much money graduate school entails. Would the job I have to get to pay for living expenses take away from the quality of my work? I had a job in my undergrad, but it was super easy, I could do hw in my down time...plus I picked my own hours; but I know graduate school takes more time dedication and should be more challenging. Especially coming from an unranked small program, to a top 25 ranked research programs.
2.) Would it benefit me more if I were to attend a top ranked Masters program and try again for PhD in two years? Is two years enough time for a professor to get to know me to be willing to write letters or rec? Will I be in so much debt after my Masters that I will not want to continue to my goal of a PhD?
3.) Should I take a risk at the well ranked PhD school in hopes that after my first year I receive funding offers? The department informed me that only about 10% of first year students are funded, would it be appropriate to ask how many second year students receive funding?
Any input would help, particularly those in my same field.
ps: I have more questions, I just have to sort them out in my mind first...if that makes sense.
pss: Please forgive the spelling, grammar, and nonsense rambling.
Thanks for reading!