thanks for your valuable input!
first of all, i applied for masters at all of my schools, including Cornell. They apparently got rid of the option to just go for MS in mechanical engineering, so now it's either M.Eng or PhD. I was also informed (by a fellow applicant, not 100% reliable) that if I want to just drop out after getting my masters, it would take something like three years. Not to mention the adviser will probably hate me for it..
Because of the full funding part, I'm so torn apart.. I've always wanted to work in industry rather than work as a researcher, but my options are differ too much on costs