Sorry if it sounds like cliche but I would ask myself what I'm really looking for in a writing workshop. If, say, you already know and/or love some people at the program, is there another way to work with them so you can connect better and spend less money? These are questions I ask myself as i'm in a kinda similar situation.
I think end of the day people you meet in a program is the only thing that matters.
As for reputation, ofc it's a great thing but it's not free. e.g. the way I read the very kind and truthful rejection email from UMich ("We must make fine distinctions among highly qualified applicants, many of whom could be successful in our program") is that it's a heavily "involuted" market and it's a lot of hard labor to get yourself out of that "fine distinction", based on their criteria (i'm assuming none of us is some Mozart kind of genius).
I got the impression that doing an MFA out of your own pocket is something viewed as undignified (?) but I'd say if that's sth that gives you joy and you really want it and can easily afford it then why not? It sounds like a much better (and more cool / eccentric /foolish) than a new car or whatever