Oh my goodness, no! If I am not offered an assistantship or other funding, (I have an M.A. in English and have also worked as an adjunct so I have experienece teaching), then I will not attend. My understanding is that both WSU and Purdue offer assistantships to Ph.D. applicants. WashU funds their acceptees for six years.
I know it's crazy to pursue a Ph.D. in English/American Studies given the market, but it's what I want. However, I am not silly enough to pay for it myself.