Donkey Kong,
I would advise against carving in MDF. It will never be as durable as hard-woods. And it is super nasty when you start removing large quantites of material. You also wouldn't have the grain texture, which I think adds to your projects.
Will it work? Sure it will. Will your materials cost go way down? Heck yeah. Will your final product suffer? I think so.
And about Devry, they are a technical institute (which I hate as a term because I graduated from a real "Institute of technology" University). It is not a "true" college or university, but isn't a bad thing either. ITT tech, Devry, etc work very well for highly motivated people who want to work in a better job than retail.
To be accepted unconditionally, you just have to be in the top 50% of your high school class, or have had a 2.7 or higher. If you don't have either of those, you can take a skills test (which I'm sure any competent high school graduate can pass).
I can say this - those that are good enough to graduate DeVry at the top of their class ALWAYS end up dissatisfied with their career opportunities, and want to go get more education.