KNA_policy

It’s probably best to do a cost-benefit analysis. Figure out how much in loans plus living costs you’d have to take out, then how long it will take you to pay them off with all of your current financial obligations. That should clear things up for you. In my opinion, it’s not worth it. You could always apply to more local low-cost programs that give you the quantitative skills necessary for a funded PhD, thus avoiding huge debt. 

This is a really really tough situation to be in, and I'm not sure how much help what I'm about to day would be. I would be slightly cautious of student loans in your situation because if you aim to do a pubpol phd, your pay will not be significant in the 5-6 years you will be in the program. However, if you were to work more for a few years after your masters, you might be able to make up the loan amount (take this with a grain of salt, I haven't worked in the American market or done a policy masters). 
Is there any reason you didn't apply to policy phds directly? would another masters help in maybe getting letters, coursework, RA experience during the course? I am considering accepting a ppol phd program after a few years of econ RA-ship and an econ MA -- please feel free to message me about policy phd apps whenever you apply!

I got accepted Early Decision for the MPA-DP, and haven't received any update on funding- does that mean I didn't get any? I really hope the scholarship offers come in waves  . Someone please confirm or deny this- I have been living in blind optimism waiting for the day scholarship offers come out man  
I thought I had a pretty competitive profile and SIPA was most definitely my first choice, I don't think I will be able to attend without aid!