Listen, I just happened across these boards by accident tonight. I've been an academic in visual arts for over 20 years. I was just lurking around until I saw this.
Here's my advice (I give this to all my students interested in grad school).
The best art is being made in southern California. The best MFA program in the country right now (and statistically probably the most competitive) is UCLA. Others will have a different opinion, but particularly people whose perspective extends beyond New York will likely agree with me. At UCLA you could study with Lari Pittman, fer chrissake.
Do not go to Yale. Other than Robert Storr, the only thing going for them is their famous name. Their student work is dreadful. (Did you see the CAA regional MFA show this year? Abysmal work from Yale. It was the same 3 years prior.)
Columbia has an amazing list of faculty, but I have never, not once, seen a Columbia MFA in an academic position. Nor have I noticed their being successful in big shows like the Whitney Biennial.
Looking AWAY from the east coast will be good for your art. Getting away from the familiar and comfortable is important for your development.
Apply to a range of schools including fall-back schools that you're fairly confident of admission. Then go for whomever gives you the best deal. If you don't get funding, skip it.
Know WHY you want an MFA in painting. If you just want to be an artist, it's probably a waste of time and money (Terry Allen said that once.) If you want to be an academic, then opportunities for teaching experience are crucial. If you just want studio space in New York (like a friend of mine did), well, you're only looking for that.
Consider some lesser known but excellent schools in painting: University of Connecticut, University of Houston, University of North Texas (take a look at the faculty), Arizona State, Cal State Fullerton. University of Iowa has had some EXTREMELY successful grads in painting. In fact, that might be my second recommendation after UCLA, at least in painting. Virginia Commonwealth is now considered among the finest art schools in the country (although mostly known for sculpture, the halo effect extends to other media).
Get a copy of the CAA guide to graduate MFA programs and study it thoroughly.
Good luck, and unless you're totally committed, don't go to grad school.
