A go or no go

Ok. I need help. Opinion(s). Idea(s). Any thoughts are welcome, big or small...I'm planning to pursue a Master programme, abroad. With a few offers in hand (and still waiting for any scholars to come) huhuhu, I have yet to decide on few important things that will come in line.

And of the issues are:

In the event I didn't get any scholarship but only a convertible loan (which I am not really keen for), what should I do then? To be in debt for such a HUGE amount is not a good option to me, neither to put me at any advantages. And anyway, Malaysia has a large number of Master programes that currently being offered. So, going to country XX for Master is just my high-fly-dream. Neither a must nor a need but a want. Saje-saje lah macam tuh. Hihihi. After doing all the critical thinking of the pros and cons, the goods and bads, the costs and effects and etc., I have came with these few options. So what do you think best?

[1] Take up the convertible loan. Go and live in country XX. Run the Master, let Him work over there, do some savings in that currency, have some fun trips (which gonna cost me a bomb if I were to do it from Msia), or maybe can have "Baby-made-in-XX). Hohohoho

[2] Put on hold the plan for the next 3 years. (by then, I should have entitle for TM's scholarship). Then start everything from scratch. IELTS registration - IELTS test - Uni. applications - browsing the net, flipping the newspaper everyday, hunting for scholars for which I am eligible for. Eeeerrrrggghhh, that a lot of hassle..

[3] Just do it here. Here in Malaysia. UM? USM? UUM? UKM? UPM? or MMU? Name it and take it. After all, the fees will be in RM and will not fork up so much $$$. Anytime, anywhere, at my own convenience.

[4] If I were to go to country XX, I have to freeze all my spending plan for my later expenses there. Which means no honeymoon-di-negara-itu, no new car, no "rumahku-syurgaku", no shopping, nothing. Nadaaa. But should I opt to stay here and put aside the Master thingy for a while, I can then proceed with our honeymoon plan (of where to stay, how long and what to do kind of things), continue with buying new car (and hunting for a good number) and start eyeing on potential housing areas/develepments that we plan to settle.

[5] Forget about everything and go finish my MICPA. After all, it is just another Module. One more. Final. And that's it. And costing me no more than RM1700. Easy eyh? (Am pretty sure tahap kerat jari that Dillot will tick this. Double ticks).