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Ideally applications are made to Fall only in the good colleges. You should have your GRE score in hand by 31st August.
Deadlines of many good colleges:
1 Nov - For international applicant for a few top colleges
1 Dec - For most ivy leagues and topmost colleges
15 to 31 Dec - For all remaining good or decent colleges
15 Jan to 15 February - For all remaining average or decent colleges
15 February+ = think of applying next year. Very few options
If you are thinking of admission into a top college or are looking for PhD, you need to communicate with the professors and believe me the entire process takes much time. You need atleast minimum 1 month for selecting the universities, based on your interaction with professors
For many fields MS is not offered by top universities - only PhD
PHD advantages:
- Opportunity to do wonderful research and get more exposure without other worries
- All top colleges offer only PhD
- Increased chances for admission
- No fees to pay - study without worries
- Additional stipend - salary for doing research and teaching
- In rare circumstances can leave in 2-3 years with an MS (not recommended)
MS disadvantages:
- Less opportunities to do graduate research
- No good college offers MS
- Less chances of funding
- Little exposure - you will gain nothing except an admit into US
Only advantage of MS - finishes early