Not sure if anyone else is in this position, but I hedged my bets this application year by applying to PhD programs as well as overseas research fellowship programs. I got news that I have received a DAAD... so now I am turning down my PhD acceptance offers. I realize I'm in a lucky position, but one of my PhD acceptances is my dream school. It has been tough... I know I will be a better candidate for next year, but part of me is still a little sad.