I applied to both MA and Ph.D. programs my last year of undergrad, but also applied for a Fulbright grant. I ended up getting the Fulbright and accepted at Michigan, which I deferred for a year. After my Fulbright I came back to the states, started the Ph.D. at Michigan, then reapplied to programs this year and decided to opt for the imbedded Master's (which I will finish in April). I'd suggest taking a Ph.D. track that's funded over an MA. You can always opt out of the Ph.D., take the terminal Master's, and reapply. That way you get a funded Master's (regular Master's programs aren't often funded) and will have a better chance of getting into a top school your second time around. Seems like a pain because you'll probably end up having to redo some course-work, but in the end I think it's worth it. Good luck!