I found out this morning that my top choice school is going to be able to offer me a TA position! The department originally told me that they had no funding to offer, but after meeting up with them and letting them know how much I loved their program and how much I wanted to attend if I could make the financial portion work for me, they pulled some strings and got me a package!

( Here are the details, if you're curious. )

It's not a gigantic funding package, and I'll probably still have to take out some loans for the living expenses, but it's a great start. And considering that this is an M.A. in the Humanities, I'm pretty thrilled.

Alright, I need advice. I always knew that I would have to take loans for my masters. They don't generally fund international students in my field at all. I have three options -

1. My dream school. I LOVE it and have always wanted to be there. It is also one of the top 3 in my field. BUT, they accepted me to the 3 year program which means about $150k in all.

2. 2yr program. In the top 10. I like them a lot. No aid. So about $100k

3. 2 yr program again. Merit scholarship of about $9k per year. So I will need to spend about 80k in all. BUT, this one is less reputed than #2(only slightly). It's still in the top 10.

Rankings aside, I like all three schools. I am just wondering if all that debt is worth going to my dream school. I used to say I would kill to get in there. But now I am not so sure. I thought I had made my decision when a friend told me "Money you can earn. Your education and time however is a one time investment." Also, I would REALLY be an idiot to pass on the admission offer from a school which people will die to get into. Yeah, I am confused.

I am obviously going to look for on campus jobs and apply for a scholarship again next year. That plus freelance work should lower down the $150k(or whichever) figure a bit. So, what would you do? Just want to hear some opinions on this.

p.s. - Not naming the schools for the sake of anonymity and also because not many people outside of my field would know much about art schools anyways.

eta - I am also applying for this highly competitive scholarship in my country. If I get that, they'll pay for everything for 2 years and I just need to draw out some $50k in loans. The problem is, I need to tell them which school I am going to while applying and I have the maximum chances of getting the scholarship if I am going to school #1(they also judge you based on the school's reputation). The problem is that the results of this scholarship will be announced in July, and I need to accept an offer before that.

Would a university recommend you for a university-wide fellowship before, or if they didn't intend to admit you?