When I was in my mid-20s, I was passionate about film and wanted to get an MA in Film Theory at NYU. I would have had to pay for it through loans, and I had no idea how the degree would pay for itself in the long run.
So instead of going into debt, I moved to Los Angeles and starting working in the film industry. I still read a ton about film theory and even wrote a bit, but I was supporting myself instead of going into debt. I found a career path in the film industry that interested me, and subsequently decided to get my MBA so that I could continue to advance in my career.
I took out loans for my MBA, but had no doubt that I would get a well-paying job after I completed my degree in order to pay off the loans. And I did.
I share this with you because, if the financial crisis has taught us anything, it's that debt is a serious thing. We should not take on debt unless we have a clear plan on how and when we will pay this debt off. There are many ways to pursue a passion, and not all of them are costly.
I imagine that I must sound like somebody's mother, but IMHO, I don't think that you should attend either program. You seem less than excited about the first program -- why waste your time? And the second program seems financially risky.