I have an MFA and will start PhD in the fall. If you decide to do the MFA program you will very likely only get an adjunct teaching position with that degree (shockingly low pay, no benefits, highly exploitative labor, not valued by institution-- you are disposable). With my Ivy League MFA I got "a prized adjunct professor" position at NYU-- but as an adjunct you're still unable to support yourself-- it's no way to live. If your goal is teaching at the university level I strongly recommend that you go for your PhD.
