I know this is a really common dilemma, but I wanted to get some input anyway. I've been accepted into a masters program with a good financial package (full funding + stipend), but have yet to hear from my last PhD program. I've been rejected from the other PhD programs I've applied to, so the last I've yet to hear from is my safety school and so, I guess, there's a little more of a likelihood that I'll get in. I like my potential advisor at the masters program and I really want to accept, but would it be completely risky/dumb to do so before I hear from the PhD program? I figure that if I go to a masters program this year, I could go to a better school in the next two years anyway, but that might just be wishful thinking.