Well hello there friends how y'all doing? Speaking from inside the bunker, so to speak, the MA/MSc is geared towards a global/international approach to studying history. So for example, if you are an Americanist, your research topic should in theory be able to offer a narrative of American impact in a global context. Now if that is not what you are really keen on and looking more for specialization (and my apologies if I am presuming incorrectly here), I would recommend the MPhil. As everyone here has said, the money can be an issue but there are always ways around those so please don't let that be the only deciding factor. The ONE thing I have to forewarn you about either school though is that, do your research thoroughly and talk to as many people as possible. Not just the rah-rah types. Find the grizzled vets in other programs and get their honest opinions.