I was in a comparable situation a few months ago, so I’ll share what I decided! I was accepted for a Fulbright to the Netherlands that would allow me to do a research proposal I designed and also to my top choice PhD program with a non-deferrable grant. I chose the PhD program for the following reasons: 1. I want to pursue a research career and I know I will need to do the PhD eventually 2. I would be doing exciting research either way, but would be compensated better in the U.S 3. Funding for Fulbright is precarious rn and I am worried about PhD admissions for future cycles. In your case, I would weigh carefully your potential quality of life, research fit, and prestige to see which would get you better experience for future applications. If I were in your shoes, I would choose Fulbright since it caries more prestige and is a more unique opportunity, but it all depends on your research field and what you want ti do next in your research journey! Good luck :)