This is a bad idea imo. That is a huge amount of debt. When someone says they can afford it, that usually means that you don’t have to have debt to pay. Having a large amount of debt means that you can’t afford it, so I am not following your logic. Either of those debt levels are extremely high and will hamper you. Ask your parent how long it took them to save that amount of money. Do some calculations on debt repayment with each of those scenarios. I am very surprised a parent would agree to cosign for that level of debt, are you sure that is going to happen? That is financial suicide for the parent.
Are you saying you are already accepted/denied for next fall?