dlk527

As someone who attended an unfunded MS, if you have the option not to do it, do not do it. At the time, a PhD was not the plan, but it will follow me around for the rest of my life. If your ultimate goal is to get a PhD, I would either accept the funded opportunity, or like another user suggested, do what you need to do to increase your competitiveness and re-apply next year. Your end goal after completion is key.

Unless there's something better to gain, I would take the program with the funding. Student debt is outrageous.

I have also had this conundrum.  Ultimately, in your case it depends on what you mean by "OK."  I'd look at the past placements of the program.  Also, if "OK" refers to top 25 but not top 5 then always default to a top 25 school (although rankings vary the placements should give you a feel for this).
Also, a key factor to look at is what you think is lacking in your application now that would be brought up by your MA.  In your case your app looks balanced GRE-to-GPA, so I'm assuming it's research.  If that's the case then there are easier (and cheaper) ways to get research experience then going for an MA.  I'd start networking if thats the issue here.
Finally, do not forget to look at where programs grads end up at down the road -- ie -- their second job in academia.  That also speaks to what you can do with the degree.

I also wouldn't do an unfunded master's. And, if for some reason I were to, I wouldn't do it in a place with one of the world's highest costs of living... But that's just me. You're probably talking $100K+ in debt to do that NYU terminal master's. If you think it's worth it and that you'll easily be able to pay off that debt, then go for it.

I checked data and these are kinda specific programs (about several hundred observations for all universities). It is just too granular. Sorry.

Wow! Thanks! Any chance you could Social Psychology PhD or Experimental Psychology PhD? 

I am pretty sure UC Irvine has already sent their invites/had their interview days. I don't know for sure though - I have seen a few results searches that indicate that is true. A friend of mine (from my MA cohort) had an informal Skype interview with someone from Tufts.

This is amazing. Could you do timelines for cognitive psychology and social psychology? (phd) Thank you so much
 

Hi.
Let's say one is offered acceptance into an experimental/social psychology PhD program at an okayyy school (but full tuition waved + stipend) AND offered acceptance into psychology terminal masters program at a much better school -- say NYU -- (however no stipend or tuition waived)......  which should he choose? NYU was my top school, but I was only accepted for terminal MA without funding. But I also have an offer right now with full funding for PhD program. It's just not a very prestigious program -- recent doctorates of this program aren't getting great jobs in academia. 
I should mention that if I choose the terminal MA, I would of course apply to PhD programs following it (with the hopes of getting into better PhD programs than the one I am accepted to now). I am a graduating undergrad senior (GPA 3.77; V - 161; Q - 156)
Thank you.
 

Wow! Thanks! Any chance you could Social Psychology PhD or Experimental Psychology PhD? 

Each person has their own goals, motivations, resources, and priorities!
Personally, if I was in this situation, I would never take an unfunded terminal Masters. My thought is that there aren't any post-PhD career paths that would be worth an unfunded graduate degree (at any level). So even if the unfunded Masters led to a great PhD program, there's nothing beyond that which would make up for the unfunded Masters. But this is my opinion based on what I value/prioritize.
So, if the okay PhD program will still allow me to accomplish my career goals, I'd consider that. If I was not happy with any funded PhD offers then I would either take a different career path that doesn't require a PhD or apply for funded PhD programs again in a future year. 
When I applied to PhD programs, I aimed high and only applied to programs that I would be excited about and led to good career prospects. My reasoning was that I wouldn't want to attend an okay PhD program like you described---I would rather not be in grad school / academia at all.