FVPV

To add to what Andrew said - this is probably the time of your life that you're not going to experience again (partying @ graduation). However, I am assuming that since you had a light load, you were probably partying hard up until now.

Depending on where you're graduating from, this decision could make or break your employment situation - having passed L1 will be a big boon to your overall job search. If your parents are loaded or if you were dealing coke and have saved some $$$, maybe you can afford to stay back. At that point, those extra six months may not feel like lost time.

Read a thread by volante (I don't remember the exact ID, but I think it is volante99), which talks about his employment situation, to get a perspective on where current college graduates are (non-ivy leaguers). Personally, having seen what I have seen, I don't think I have the balls to dick around with my career choices.

Having said that, you *will* feel missed out if you flunk L1. Opportunity costs, my friend!