This is my (and my family's) first time going through the American/European application process, so I am not sure as to how the complete process works and what to do at this point.
Firstly, I have received a decision letter from University Of Pennsylvania which is asking me to take a decision before date X, and to submit a deposit to reserve my seat in the program. The exact language is:
Q: Is this the standard official letter language? Do I really lose my place if I don't accept before Y?
Now, my indecision at this point is due to two of my applications having a decision timeline 1-1.5 months after X. I am hoping for significantly better offers from at least one of the remaining two, however I can't be too sure (obviously). I have submitted 4 applications total, and I wouldn't want to lose this chance.
So, options that I see here are:
-- Accept now, wait till March, if I get a better offer, accept that and inform UPenn at that point.
Q: What repercussions may I expect in the future? I may end up applying for a PhD later on to UPenn, irrespective of current decision.
-- Decline. Wait.
I don't want to lose an offer in the hope of something that may not come.
-- Accept now and stick with it.
The program is pretty good. However. financially, I will be leaving the school with a big loan, which pretty much kills any chances of doing a PhD as I will have to most certainly take up a non-academia job to pay it back. The other schools (if I'm accepted) should offer better financial aid/support than UPenn.
Are there other options? What should I do?
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The programs are two MS, and remaining two MSE. I intend to a PhD immediately after.