Masters, Where to go?: Prestigious and expensive or Average and affordable?

Hi,
In my final year at Northumbria studying Literature and Journalism and in a bit of a predicament.
I know after this year I want to do a masters in English Literature but I am worried about where.
My options:

1. Stay at Northumbria as they are offering 10 grand post grad loans and I would be eligible for alumni discount also of at least 25% as I know i won't get lower than a 2.1, (hopefully a first but don't want to jinx myself!) Therefore my masters wouldn't cost more than 2 grand (i believe, however my maths skills are not to be trusted) and i would have the loan to cover that.

2. Try and go to Newcastle uni as they are obviously a much better ranking university especially for their English department. However, I would be eligible for NO discount and the masters would cost £5500. I think they offer 2 grand scholarships but then I would still be needing 3.5 grand, obviously money which i don't have and would have to find.

The bottom line of my problem is... Is it better to go to a higher ranking university and paying extortionate amount, or do I stay at Northumbria where I am settled and have many financial perks?
I am torn as I am UNSURE of whether it is important to have a masters from a more renowned establishment??
I hope to move onto a PhD after my masters, so will it reflect badly upon a PhD application if I have stayed at Northumbria which is not a top university?
I simply cannot afford to go to a prestigious university but I don't believe that because I come from a poorer family it should inhibit my chances of excelling in my chosen career path? Basically if staying at Northumbria would prevent me from getting a good job in the future I will do all I can to make the money for Newcastle, but if it is not necessary I would much prefer to stay at Northumbria,
...

Any advice is appreciated and I'd be so grateful for any help!! Feeling pretty clueless about this all! Hope I have made myself clear. Thanks. Chloe.