Lots of people have asked if they should go to a school without funding. The consensus is usually to take the funded offers or just wait it out for a year and reapply next year
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What's your field? I'm especially asking this concerning #2. In your case, I would consider a couple things before deciding:
1.) How much would my monthly payments be on my loans (including this hypothetical one) after I graduate? Could I manage that with the income I would receive from the position I would obtain with my degree? 2.) What other funding options are there? Even if you think you can manage the monthly payments, I would not just wait on the GTA but apply for other grants and fellowships.
You might want to call AWESOME program and say something like "I have a funded offer at X, and I would rather attend your program. Can you find any $$$ for me? (if the answer is no...ask them about committing to a GTA second year.)"
I have a friend who recently got his PhD, and is now well over 100k in debt. He's a Rx student, making mucho dinero, and will be able to knock that out, he estimates, in 5 years (originally 10, but he's paying nearly twice as much to get it out in five). His monthly payments are about $700. If you are a humanities student, something that doesn't go into a professional/technical/ field with a starting pay for about 50k, don't take the debt. It's going to be too expensive. I have professors who are in their mid-40s still tackling theirs.
Depending on the program you are entering for #2, if you aren't on immediate funding options for the school that probably means there are some others who are Just, if not More, awesome than you.
Be safe! also, it helps if you go where you want. If you like the Newdifferentawesome program, no reason you SHOULDn't do it. Don't waste money on things that WON'T make you happy!
Have you visited both programs? I ask because although I have no concrete advice for you, I've recently been on a few school visits and have found that my impression of the program on paper didn't always match up with what it felt like in real life. If you're going to put yourself in debt for NewDifferentAwesome program, make sure it's as awesome as you think it is before you you commit; conversely, before turning down the funded offer, make sure that the program is good of a fit for you as NewDifferentAwesome is. Ultimately, you have to go for what makes you happiest, but do so bearing in mind that the financial burden of debt--as well as possibly the need to fight for resources--might affect you just as much as your academic/intellectual experience will. I hope a GTA comes through for you! Also, if it's a PhD program, the funded offer people technically can't make you decide by 4/15. It's a courtesy to let them know as early as you can, but it's not an obligation.
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1.) How much would my monthly payments be on my loans (including this hypothetical one) after I graduate? Could I manage that with the income I would receive from the position I would obtain with my degree?
2.) What other funding options are there? Even if you think you can manage the monthly payments, I would not just wait on the GTA but apply for other grants and fellowships.
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Depending on the program you are entering for #2, if you aren't on immediate funding options for the school that probably means there are some others who are Just, if not More, awesome than you.
Be safe! also, it helps if you go where you want. If you like the Newdifferentawesome program, no reason you SHOULDn't do it. Don't waste money on things that WON'T make you happy!
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