How long have you been in the current Master's program? The reason I am asking (in addition what TL has pointed out in terms of whether you have more than 1/2 done) - if it has not been long, then you can put "international travel" or something eventually on your PhD program application, and not mention the program, but it has been long enough that you would need to put the program as unfinished to avoid having a big gap on your CV/resume, then it might be better to finish. A recruiter once told me that unfinished degrees look bad to hiring managers - they might also look bad to admissions committees in PhD programs. However, if you can explain what happened - just what you told us, that you entered the program for the sake of prep for med school and then changed your mind in favor of a PhD in Clin Psych, it might be OK. I would go to the career services office at the school and run this dilemma by them. Also, if the school you are in has a psychology program at the PhD level, you can ask them what they'd prefer to see on an application form - a record of being a good worker and an unfinished program or a finished degree but less work experience. Finally, there is the issue of credits - maybe there is something that you could later count towards your PhD - e.g. statistics or research methods - and then the $20K you'd spend now would save you some time and possibly money down the road. To sum up, go to the career services office (university-wide, without telling the current program of your doubts yet) and task them with helping you see and evaluate the repercussions of taking either option.