Based off the responses in the forums, there seems to be two camps regarding getting into debt for an MA. I did MAPSS last year, and have gotten into four of the five history programs I applied to; likewise several friends I had in the program also got into pretty fantastic history programs (Princeton, Michigan, Columbia, Cornell). An MA from Chicago is nothing to scoff at is the general consensus. Granted, in my case I got a pretty substantial tuition-remission, and have no debt from undergrad, so I decided to eat the cost in the hopes of getting into a pretty well-funded PhD (which paid off pretty well for me). So I guess it really depends on your situation. Most people were worried (and rightly so) about the gap year. It also depends on the amount of language-training you already have (East Asian history, perhaps of all of the fields, seems to want an absurd amount of prior language-training)--which you will not get from Chicago since it's a one-year program. I'm sure you've also been informed of the great PhD acceptance rates of MAPSS grads--something over 93% yearly. It's good to take this with a grain of salt--how the program works is that it dissuades people who are not fully committed to doing a PhD (and I know a lot of people who changed their minds about going on to the PhD). There were about 25 people doing history in MAPSS my year, and about eight of us ended up applying this cycle. Some people, of course, wanted a break from school since they came straight from undergrad, and they wait a couple of years before applying.