So, I am someone who is attending MAPH currently, and wanted to add my two cents:
1) The money issue is 100% valid. It costs a lot of money, and I would not have gone if I had to pay the full cost. I got a scholarship (for 27k - half the cost of the program), and I'm doing their new TLO second-year option (it makes MAPH into a 2 year program, with the second year focused on language study - the cost of the second year is 90% discounted, so comes out to about 5k). For me, this means that I ended up paying 16k/year. I had worked full time for several years before hand and had a decent amount of savings, worked part time during the program, and ended up with ~20k in loans, which is a lot less than what someone without those resources would have to take out; still, it's a lot of money. I don't think I can say if it's worth it to take out more loans than I did, or even as much as I did - it depends on your own situation. I don't think I would have gone if I hadn't gotten the larger scholarship – because of the financial burden, not because of the quality of the education. Fwiw, the TLO option gives you an automatic 5k grant to use on summer language study (which is more than enough to do a full intensive summer study abroad program, flights and all). You apply to PhD programs in your second year, having already finished your thesis, made connections and found recommenders, and taken a year's worth of classes – this avoids the gap year issue.
2) MAPH, like any unfunded MA program (which are way more numerous than funded ones), is of course a cash cow for the university. That doesn't mean that you don't still get something in exchange (a UChicago education). You pay for your undergrad, no?
3) Like anything else, the program is what you make of it. If you want it and you work for it, you can squeeze every penny's worth out of UChicago, and get a great education. You have full access to UChicago resources, faculty, facilities, events, and grad student career counseling. I have worked with some of the most brilliant people I have ever met; I went to a highly-ranked state school for undergrad, and the pedagogy at UChicago is just leagues beyond what I had experienced there. I am leaving the program working and thinking on a level I never even imagined I was capable of, speaking 2 new languages, and starting my PhD at Northwestern in the Fall.
4) The part about professors not caring about MAPH students is pretty bullshit. I did not have a single experience in which I was made to feel less important. My advisor, who has many PhD students and is a top name in their field, gave me a lot of feedback, time, and advising. I never felt slighted. There are, of course, exceptions, and some professors will say that MA students in general are not allowed in their seminars. Just go to the first day of class, say something smart, and ask the Prof. after class for permission to take the class. The one time this didn't work for a student, they petitioned the professor with help from the MAPH admin and the prof. opened up the course to MA students.
You are treated the same way the PhD students are treated, and it is pretty universally recognized among the professors that the MAPH year is significantly more intense than the first year in a PhD program (this is true – full course load, a thesis, performing at a UChicago level, and adjusting to a new place in one year was really, really hard). I have seen many course descriptions that say "MAPH students are welcome", and have heard several professors express that they quite like working with MAPH students and advising MAPH theses.
5) MAPH is a really, really expensive way to realize you don't want to get a PhD. Unfortunately, that is something that a lot of people figure out while they're here. If, however, you realize that you do, in fact , want to get a PhD, MAPH is an absolutely excellent way to prepare for further graduate study. Performing on a UChicago level means you'll be able to perform almost anywhere else (in this regard, this school is kind of ridiculous, but that has nothing to do with maph). The MAPH office provides you with a ton of support and professional training, as well as teaching you what it takes to actually be a professional scholar (i.e. PhD student, professor, etc.). This is important: I re-read my SOP from when I applied originally (shutout, except for MAPH), and realized that I didn't understand the exercise at all - I had no clue what grad school was really about. Being at MAPH gave me a much clearer understanding of the field, and made my applications this round a lot stronger.
6) This year, it seems that about half the people in the program applied to MAPH *directly*. There are many students in the cohort who went to T1 schools for undergrad (Princeton, Harvard, Columbia, etc.) These things make me suspect that MAPH's reputation is increasing, because the program does turn out some incredible students, who are also being placed well: many of the MAPH alum I know have gotten offers to phenomenal PhD programs, both T1 and T2, as well as great jobs in the pubic humanities, publishing, the art world, etc.
7) It is shitty and elitist and snobby, and it shouldn't be this way, but a MA from UChicago opens a lot of doors and gets people's attention. That's just the way it is, because people who are on ACs know and respect the institution. Yes, it is a matter of 'prestige', which for some reason people seem to think is negligible in this process... while prestige doesn't guarantee you a spot in a PhD program, it does make people pay attention and really read your dossier, at which point it is really dependent on your application materials. Not to mention that UChicago recommendation letters are a really big deal, and carry a lot of weight.
? As some other people have mentioned, yes, you can of course get into PhD programs without going to MAPH, but it definitely makes it a lot easier, and you learn a whole lot in the process. If it were up to me, MAPH would be completely funded – it is so shitty that MA programs tend not to be, especially in an admissions environment where it seems that having an MA gives you a leg up in your PhD applications.
tldr; MAPH is expensive, but the quality of education you get is excellent; you get what you paid for, if you work hard for it, just like anywhere else. Academia is fundamentally elitist and exclusionary, but if you're trying to be in it, UChicago opens up doors.
ok, that was more like 7 cents. Feel free to DM me if you have any questions!