Thanks for the info everyone! So I understand that jobs are a huge factor as to paying off debt. One of the reasons I applied to USC is because it was in LA, and I feel like LA is more “music major friendly” compared to Austin, Texas. In other words, what I am trying to say is that LA, being the hotspot for music and arts, I feel, will fit in more with me.
Basically, I have three options. I could play it safe, not be in (that much) debt, stay in my home state and live with the name “Music major at UT.” (If this is the case, I may double major in business and start my own piano studio…just food for thought 
)
I could what they call “yolo” it and gamble my money on USC for the thrill of it. The benefits and the downsides would both be tremendous.
OR I could transfer from UT to USC, ultimately minimizing the huge debt from USC and going to UT pretty much for free.
@musicprnt Yes, I am certainly aware of the many hardships that await for young musicians. I know a teacher who went to Julliard and eventually moved back into his home state (Texas) to teach little kids. I even talked to him about majoring in music long ago and his exact words were “Don’t major in music, even I have a hard time finding gigs and finding places to perform.” I guess it’s because classical piano is extremely competitive, so competitive that even the best of the best are disappointed with the results.
Because of this, it is worth mentioning that I am most likely going to move away from “Classical” piano and move into the business side or “Popular” piano, meaning instead of focusing on things like Carnegie Hall, international competitions, etc., I will focus on things like performing in a band, making connections, and perhaps even looking into the business side of things and start my own little piano studio and start teaching.
Anyway, my question is do you think I will able to find as many music jobs such as gigs and performances in Austin compared to LA?