job vs PhD after MSc

[Auro]

After a long wait and lots of mails I got an admit at TU Delft (MSc Electrical - Microelectronics) without any scholarships. Since this is the only admit I have(till now and I feel the only one I will have), I am in a fix. It will cost me a fortune to study there, albeit lesser than what I was expecting at US. But as per my calculations it will take me atleast 3 years to repay the loans IF I get a (good) job after graduation. My original plan was to go for PhD right after the MSc. But PhD pays even lesser than a job. 

I am in a fix now. If I look for job to repay the loan my PhD (and chances of getting into) will become slimmer. If I get into a PhD it will take me atleast 5 years to repay the loan (even if my parents help me partially). Is it really worth all the pain? And I won't be able to enjoy until I have repaid every single penny.

Is it really worth all the pain and misery? 

Edited May 12, 2017 by Auro
grammar

[MHarry]

All depends on your end goal....a PhD in no way guarantees you a better job...or even a job at all! But, it does open more doors for you and it will provide you with a more advanced skill set. For me, I didn't think twice about doing a PhD after my MSc (with a significant student debt), since I wanted to pursue a teaching/research career. Additionally, through winning several unexpected scholarships and grants I have been able to pay off my entire student debt (2 years into my PhD), so yes, the PhD salary is low, but you can't forget about the pots of small scholarship $$ that you will be able to hit. View the PhD as an OK paying job...while you are getting an education....how many people have opportunities to get an advanced degree WHILE getting paid to do it!? 

But again, it all depends on what your end goal is. 

[Camilla00]

Agree with MHarry! First, it should be clear what do you plan to do. Second, think about the countries and research. In some countries, you may need PhD more in some less. Look at the salaries there, competition within the market and also think about the network. Maybe there is someone who can suggest better how it goes in the particular industry and country. Sometimes, the network plays an important role. The last, you have to clarify in which direction you should go. Base your decision not only on your dreams. Try to be realistic. Think about the working place where you can show your skills on 100%. 

[Auro]

Thank you MHarry and Camilla00 for your comments. I intend to build a career in research primarily as I want to shape the future. But since this is the first major loan I am taking I am a bit apprehensive of the future. But I have been reassured by many people to trust the future. I will dive and then look where to go.