Better program with less funding, or worse program with better funding?

[juiceboxrampage]

The better program has funding for only three years. After three years, I can TA, but a TA position only partially covers tuition -- meaning that I would still owe the university money on top paying for living expenses. This means loans, unless I can get an external fellowship. But their placement records are decent for my field (not a top ten school but definitely better than the other program).

 

The not-as-great program has full funding and lots of benefits for five years. But it is not as prestigious and the department's placement records are pretty subpar.

 

So the options are:

 

1) Potentially go into debt, but have better job prospects later.

 

or

 

2) Have all funding taken care of (and then some), but have worse job prospects later.

 

Thoughts? Where would you go?

 

Let's just assume that all other factors are constant (e.g. location, fit, culture) to make it easier.

Edited February 23, 2015 by juiceboxrampage

[scarvesandcardigans]

Interestingly, one of my professors told me to accept the offer with the better funding. She said that you don't want to have to worry about finances on top of being busy with research, TA, whatever it is the program entails. You can always network with the better program, or other programs and if you establish a positive rapport with them, and maybe they can help you further in the future. 

 

However, I am of the mindset that if you feel you would be less satisfied in the second program, and you feel that you can make it work with the better one, that you should take that opportunity. If I were to accept the "lesser" program that I have been offered and declined the program that I am most interested in, I would probably regret it. 

 

Good luck!

[Lorelai_Gilmore]

I think it depends on how confident you feel in your ability to win an external fellowship. For example, I plan on reapplying to SSHRC every year for the first 4 years of my PhD until I win. Since I have a pretty competitive application, there is a good chance I will receive the award by year 4 (i.e. before the better school would funding run out). Could you do something similar? Applying to external fellowships is something every grad student should do anyways, since they are good for your CV and signal employers that you're capable of bringing in money (which I'm sure you're aware of).  

 

I'm just saying, do some serious research as to what external funding opportunities you could pursue before year 4. Good luck!

[GeoDUDE!]

I would take the better funding. I think funding isn't a matter if the program pays COL + tuition for your entire stay, but below that is unacceptable. Its like a check box. 

 

External Fellowships should be icing on the cake, not a necessity. I think most people who have been in graduate school will agree with this. At a certain point your going to want to spend all your time manuscript writing, and year 3-4 is prime time to do that. Year 3-4 should be focusing on getting funding for the next step, manuscripts and honing your presentation skills while writing your dissertation. Its hard to see that now, but you will thank yourself later.

Edited February 23, 2015 by GeoDUDE!

[terralily]

Does the more prestigious school (I'm guessing UC-Santa Cruz based on your signature) offer scholarships/fellowships for continuing students after the first year? If so, that could be one way of financing extra years.  Additionally, external fellowships increase your desirability in the job market, so with those a necessity you'll probably work harder to get them than if you have guaranteed funding.  But, as someone with a mountain of debt because of law school, I do not regret leaving the law for something I love.  Life is too short for regrets, and loans are a pain, but a manageable pain.   My advice is to go with your gut...unless your gut has shit for brains.

[Sigaba]

Were I in your situation, I would see if the not so great program allows you to have academics from other institutions on your committees.

[nugget]

What a tough spot to be in. Is deferring an option for you? Maybe you'd get better offers next year or secure external funding if you tried again next year. If I was in this spot, I know I'd try to defer the higher ranked school's offer by a year.

 

My reasons are as follows...If you go to the lower ranked school to avoid debt but don't gain the employment prospects you desire then it's a loss for you. A loss of your time and income as you'd be earning much more money if you had a full time job during all of those years. Going to the better ranked school may open up some doors for you in the future, but you could be in debt for years afterwards if you cannot secure the external funding you require. 

[thr0waway]

take the one with better funding.  programs that don't provide full funding to their students don't really value them

[have2thinkboutit]

I'd take the one with better funding. Like others have already pointed out - in the long run your focus should be your research and all the experience that comes with it. Worrying about finances may be very distracting. And in the end it's not the name of the school that gets you a job (though it will probably help!) but your experience and how well you did in whichever school you went to.

[juiceboxrampage]

Thanks so much everyone for your responses! I'm still very torn, but it's great to have more information and insight.

 

UC Santa Cruz (better program) does not have much in the way of additional funding. They are completely, completely broke right now. Like I said -- even working as a TA I would still owe the university money. I don't necessarily think it's because they don't value their students. I think the UC system is just struggling right now and Santa Cruz is apparently not dealing with it well.

 

I will definitely ask about options for networking with other schools and professors. The good thing is that since the lesser ranked school has a ton of money, they can help pay me to go to conferences and do cool projects and things like that.

 

I'm also considering the culture of the programs. Since I wrote this post, the lesser ranked school has had multiple professors and current grad students congratulating me and offering their assistance. The better ranked school, on the other hand, only sent me the initial acceptance email and has not really been responding to any of my emails since.

 

I know I advise other people to defer all the time.... But I'm not going to defer. Objectively, yes, it'd be smarter, and I know it'd work out better in the long run. But I have a million personal reasons why I don't want sit around for another year, and I'm going to value those instead of being all logical. Realistically I think most people who get accepted to grad school would do better to take another year off and work on their CV, anyways. You can almost always do better when it comes to grad school.

Edited February 25, 2015 by juiceboxrampage