A bit of background: American student of a certain European language/culture, have spent 4+ years living in said country X, teaching English and studying. Got my first Master's degree from an Ivy-League American university's program here in X.
Currently enrolled in a second master's program in the university system of X. Important to note that this master's program I am currenly in WAS listed on my CV for all of the applications, while it wasn't entered into the actual applications for some (due to a lack of an English language transcript from my first semester).
So far have received word from two Ivy League PhD programs I've applied to. #1 fits my particular research interests quite well, and has offered me admittance and a fellowship less than 3 weeks after I submitted my application.
I also recently received an email requesting a Skype interview for #2 about two weeks after the application deadline.
I've applied to four other schools, and given the fact that #2 is probably the best school for the field in the country, and #1 is quite strong in its own right, I expect a few other acceptances (at least two other schools, one Ivy, one not, are really fantastic matches for me - while my alma mater from my first master's is probably going to be an acceptance as well.)
All in all, I've got one definite yes, one interview, and 3 other strong possibilites.
That being said, because of a sequence of very unfortunate events, the rush of the phd application season, and various other factors, I've found myself dangerously and hilariously behind on my work for my second master's program and uncertain about whether I'll be able to realistically stay in Europe beyond a couple more months. I've managed to defer important meetings with my advisor until after the application season was over, but now am still very very behind in my research and coursework.
I'm strongly tempted, because of my admittance to at least one of my top choices, to simply not finish my second master's and take the time before this fall simply working through the suggested reading lists for my area and pursuing my own reading and research into areas which will be germane to my work in my doctoral program.
My question being: what, if any, serious consequences might this have in terms of my phd program in the coming fall?