this is my dilemma

here's the situation:
remember that period when all i talked about was internship applications? things have come to a head, sort of.
i applied and was accepted into an internship program at bigapplehead which guarantees applicants an internship in the industry of their choice. during the program, i will stay in the nyu dorms and live a fabulous cosmopolitan life while making connections with i-bankers and their ilk.
however, the program costs $3,500 for room and board and there is no guarantee of a paid internship. furthermore, as an international student with an f-1 visa, i don't think i'll be able to work the immigration legalities to my favor.

here's the other situation:
i applied and am still waiting for the decision regarding the london internship program which would allow me to spend fall semester in london (!) and have an internship with a financial institution there.
however, since i will not have a work/study job there, i'll have to work here in the summer to pay for my expenditures.

either way, no coming back to malaysia for summer.

question: should i do the summer program? the $1,000 deposit is due now.
what if i turn it down and then get rejected by the london internship program?
further, what if the london internship does not open as many doors in the u.s. as an american (n.y. some more) internship would?
i don't know!