GraspingAir

So here's the situation, I already accepted an offer from an MS program that included an $8k stipend with no tuition remission. This means I would need about 10k in loans per year, so about 20k for the 2 years, with no guaranteed acceptance or funding for the PhD program. I did just receive this offer last month, and accepted a few days later. Today I received an offer from a PhD program including a $15k stipend, full tuition remission, and health insurance. Clearly this offer is superior and places me directly into a PhD program, which is my ultimate goal. This program was one of my top choices. My question is, how bad would it be to take back my acceptance of the first offer to go to my preferred school with full funding? I realize it's pretty late to be changing my mind, but both of these offers came later than expected so I imagine that these schools would realize that things like this happen. Thanks in advance for any advice!