I'm not sure if anyone is reading this anymore, but I thought I'd try and vet some opinions.
I'm going for my MA in the fall and I've got two choices. One is my top choice where I didn't get any funding, nor did I expect to, but its a one year program that practically has a whole department dedicated to my sub-field, medieval history. The other school surprised me with a generous funding package, but honestly I never really meant to go there--it was mostly a backup school in case the others rejected me. There is really only one medieval history prof there, she's a very good teacher, but...
I'm lucky enough to have enough saved up that I would only have to take out a couple thousand dollars in loans to go to my dream school, but I'm wondering if I should take the money and try my luck with the PHD program instead. It's a really tough decision for me. A few thousand dollars in debt for one year wouldn't hurt me terribly in the long run and it is what I had planned for anyway, but its tough to turn down money.
Any opinions?
Edit: I should add, most PHD programs in Canada guarantee funding for accepted students, so if I get accepted for PHD in the future I'll have some minimum funding.