2. Always negotiate. Explain that when you started, you just finished high school. Now, years later with a lot more experience and a better understanding and nearly with a degree under your belt, you'd like to negotiate for pay. It isn't unreasonable to ask. Base on their response, you can decide what to do from there.
3. I think in the long run, depending on how the above two scenario plays out, you should be bright enough to play with the options you're given. But as you've said, you're broke, out of school soon, will probably go into repayment for student loans if you took any, and unless you got something else lined up, I wouldn't purposely fudge this and think of it as either or. Negotiate and talk to them. Figure out your choice after you've figured out what your options are.