Dear Student,
I would suggest you to not drop your another year. All you can do is give another try to entrance examination but along with your degree as well. If you scored really well, then you can pursue with the obtained rank in the top institute and in case you don't score well, you can then continue with the degree only.
Hope this helps.
Good Luck :)
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile