Hello there,

You can do Two-Degree at a time, its your choice. However, it will be difficult for you to manage to the things at a time. You have study anyways, if you don't want to get compartment in either SOL or allotted college. Additionally, Psychology is a subject to practical skills that you can only get to experience from a regular college.

You have to option to upgrade your college in third round of seat allocation. There also might be spot rounds, you can re-order your preferences and try your best to get your favourable course. In case, you didn't get psychology, you still have the back up that's SOL.

I hope you will make the right choice for yourself.