My daughter is 7 months old, so schools are of no concern. As to debt, $120,000 is probably closer to the mark. It's still an enormous figure, but better than 200,000 I suppose. Tuition is $32,000 / year. Deferring at this point is unattractive to me, both because I deferred my bachelor's degree for so long (I'm graduating in a couple months at 28 years old) and because my best hope of getting into a better school at this point is as a transfer student. The only way I could increase my chances without starting at another school is to study for and retake the LSAT, which I'm sure I would do even as a transfer student (I scored very well the first time, but I know for a fact that I can do considerably better).
Also, Miami is a very good school, ranked in the top 25 for international law (around 18 or 19, I believe). It's important to remember when applying for schools that everyone applying knows that schools standards. Every school publishes the median LSAT and GPAs for their previous entering class (as well as the 25th/75th percentiles of the LSAT scores and GPAs). Since it costs about $100 per school to apply, most people don't apply to schools that they obviously have no chance of getting into. The vast majority of applicants who are turned down were qualified to go to that school. Berkeley, for example, gets over 7000 applicants per year and they only offer seats to less than 10% of those. So putting off law school for a year in order to try again is a pretty tough prospect considering the lottery you are up against.