Thank you both for sharing your perspective! UNC is a MA/PHD program, and they do offer funding but due to being a state school it might at times get tricky (so I've heard) - and I would absolutely not call the program middling, they are a top 20 (if not 10, according to some rankings) program with excellent scholars in their body of faculty, but then again this what I've gathered and obviously not everybody might agree. I've been hearing this cash cow issue with the IFA for a while now, although I have to say that it confuses me how it is any different from any other masters program out there without a funding (as it is rare to find funding for masters). So I feel like this debate somewhat unfairly steals away from how good of a program the MA at the IFA is. That being said, I definitely understand and acknowledge the reasons of your argument for not going into debt for a Phd track - and I appreciate you taking the time to write a thoughtful response. A very long 3 weeks await me as I try to decide my next move..