Funded MA in UK vs. Funded PhD in US

[tarheel85]

So almost a month after committing to a PhD program at a large, fairly well respected public university (I very much liked the campus, town, department and my advisor), where I have a very, very generous fellowship and funding for up to 6 years, I found out today that I received a full ride for a Master's at a much more prestigious university in the UK. With the scholarship, the cost is no longer prohibitive, which is the reason why I committed to the US university back in May (I couldn't very well turn down the fellowship offer without solid knowledge about the scholarship in the UK, about which I had no idea until today). So what do I do? The UK program is only one year, so I'd have to be applying to PhD programs/jobs pretty quickly. But as much as I liked my US university, London, obviously, is infinitely more interesting and would open up far more opportunities, personally and academically.

And if I do decide to take the UK offer, how do I go about telling my department/adviser (with whom I've had extensive correspondence and met once, but I've never told him about this other opportunity) that I've backed out? I'm fairly sure I'd be royally screwing them...am I, and if so, is it worth it?

Any and all opinions are appreciated- I am so conflicted and confused!

PS I also am still waiting to hear back from the Fulbright, which could throw another huge wrench into this decision...

[sacklunch]

Take the PhD offer. You might not get another chance for such an opportunity. Besides the "prestige" of the UK school, does its faculty/program offer something better?

[Henry Hudson]

Definitely take the PhD offer... but ask about deferring for a year.

if you defer, you get to go to the UK, and won't have to reapply for PhD programs next winter.

if you go to the UK for a year without deferring, you may have one great year but botch the years afterward.