I think you probably have to think about why you are doing your grad school. If it is to get into academia, check the placement rates of graduates from the safety schools. If they get decent jobs (not teaching in DeVry or Phoenix), then I guess it is okay. Doing a PhD, and then discovering that no one in the field will take you seriously is just a waste of time. In that case, then you are better off waiting another year to get into a brand-name school.