[deciding not to attend graduate school after accepting]

Not sure I agree with this. If you're unsure about what you want to do, I think you should take some time in the 'real world' to figure that out.

But, those are all good questions you raised. I would start by contacting the school and asking them about letting you out of your commitment or deferring - they may be supportive. I'm sure your letter writers will still write good things later on - I wouldn't worry about that. I think the toughest thing will be finding a good job right now. But I still think working awhile is invaluable and will help you later on when you are coming out of the grad program.

[UChicago Harris this year vs. reapplying next year]

You are joking, right? You would turn down a full funding offer to an outstanding institution in order to reapply next year to a handful of HIGHLY selective programs, Harris included? You're joking, right? That's nothing short of mad.

You would do this without a job lined up. Seriously?

Actually, never mind, maybe you should turn down that wonderful offer. That way someone with a stronger desire to attend the program might get the award. No sense in you taking up the offer at Harris due to pity or whatever. Next year, when you reapply and likely get very similar offers of admission, but perhaps not funding, don't think for a second that you don't deserve it.

Couldn't agree more. A free ride is huge. Would you really pay $120K for the Kennedy School on top of your undergrad debt had you gotten in? I think that's ridiculous.