Students at UT Austin's MCW have all tuition and fees paid, plus a $25,000 stipend.
http://www.utexas.edu/academic/mcw/index.htmlI had the exact sames concerns as you did when I was considering graduate schools. It's really a tossup - whether to study with the famous programs and go broke or go crazy trying to write and manage teaching responsibilities, or study for free with lesser knowns but with ample time to pursue your craft.
You must sit down and reflect on what you expect out of graduate school, and what you want to do when you get out. If you want teaching to be an option for you after graduating, I strongly suggest you go to a program that will allow you to teach. MCW does not allow for teaching opportunities.
I was accepted at Sarah Lawrence and UT Austin. Sarah Lawrence would have given me fantastic exposure to other published poets, but offered no financial support except for loans - not even teaching assistantships. I spoke with the director about my difficulty in choosing between their reputation and UT Austin's money, and he advised me to go for the money. And I did.
I loved my experiences at UT Austin. The workshops were fantastic. The faculty was strong in some areas, but at the time of my enrollment the poetry faculty in particular were unrecognized minor poets. However, the three years of study without any outside work allowed my voice to develop in ways I never imagined. (The poetry faculty has changed since I've graduated, and the program does bring in phenomenal visiting writers that stay for 1-2 semesters to work with students.)
Then I graduated. I had no poets of influence to write letters of support for me or open inroads to publication. I had no teaching experience. But I don't complain because there's NO GUARANTEE of a career after graduating even with a degree from a "famous" program. The number of MFAs out there is staggering.
My advice: GO FOR THE MONEY FIRST. HONE YOUR CRAFT. GET AS MUCH WRITING DONE AS YOU CAN WHILE IN SCHOOL. WORK ON NOVELS AND SCREENPLAYS. ASK FOR HELP FINDING AN AGENT FOR YOUR WORK. LEARN ABOUT COPYEDITING, PROOFREADING, AND INDEXING, AND YOU MIGHT HAVE A POST-GRAD SOURCE OF INCOME THAT ALLOWS YOU TO WRITE. Honey, let me tell you true, poetry won't put dinner on your table.