Today I found out via email and then over the phone that I was accepted to the I/O PhD program at Illinois Institute of Technology. I was informed that I should have been notified over a month ago but something happened with my file and the email never go sent (kind of a strange happening, unsure if I completely buy the excuse and wonder if I was initially waitlisted).
Here is the issue. I have accepted admission to the PhD program at Louisiana Tech. I have not signed any documents, so as it stands now it is a verbal commitment. I understand that accepting, then declining an offer is not the most polite strategy, but it is an option.
I love everything about the program at LA Tech, my only concern is the location. Ruston, LA is not even comparable to Chicago. At Louisiana Tech I was offered funding and when all is said and done the program will cost me less than $15,000, whereas at IIT I was not offered funding and the program will cost a minimum of $96,000. On top of the extra debt, the cost of living in Chicago is obviously significantly more than in Ruston.
If I choose to continue on to LA Tech I will not regret it at all. From the second I accepted my admission, I was very happy with my decision to do so. It is a new program that has a numerous great features that are perfect for me (in house consulting firm is a great opportunity) , but the issue of being in a city of 22,000 people (over 11,000 are students) is concerning.
Long story short, is the extra debt worth being in a better city (for my future career endeavors)? Is it even conceivable that I could afford to live in Chicago off of student loans? Any other advice/concerns/info would greatly be appreciated.
Thanks in advance