Well you can also elect to do 3 years at SMFA if you want. I think about half the MFA students decide to continue on for a 3rd year, but I also heard that they only give 3rd year students studio space if their work requires it...
Two of my favorite undergrad professors came out of the SMFA, one of them chose to do the 3rd year and was a big fan of it. Was one of the factors that lead me to pick SMFA over another program. She said that during your first year you just get really beaten up over your work, second year you start to come up with newer and better ideas, and so by the time the end of the second year rolls around you're in a good spot productivity-wise and conceptually-wise. So then it'd be good to keep that going for a third year where you can only continue developing.
On some places on SMFA's website it says the third year is free but I'm pretty sure during the interview day I remember hearing them mention something along the lines of $13,000 for a third year, so... not 100% sure on that.