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I am 2 years out of undergrad and will ostensibly be beginning law school at an MVP tier school this coming fall at sticker. I am well aware that I probably should not be attending law school under these circumstances. However, I am really struggling to bring myself to do what needs to be done (sit out and retake) because I do not trust that I am intelligent enough to do better than I did on the LSAT (160). I have a seat waiting for me at a great law school and I will have to give that up, with no certainty that I will be able to get into a school anywhere near that good again. I am very lucky to have gotten in where I did and I don't think I will get so lucky twice. I only got in because of my GPA (4.0). So it would at best be a very big gamble to forgo this opportunity. I just very much doubt my ability to perform better on the LSAT. I'm not sure what to do. Conventional wisdom says to take the bird in the hand, but I also know I'm in for a lot of debt if I do.

Retake in June, then negotiate for more money or reapply next cycle if they leave you at sticker. If you absolutely can't do better (which I highly doubt), then attend; but if you're smart/driven enough to get a 4.0, 160 is probably your ceiling. Think about it this way: you can literally make hundreds of thousands of dollars by doing better on a 4 hour test. Read the study strategies on this site and you should be looking at high 160's to low 170's if you study from now until June

edit: meant to say 160 is NOT your ceiling

You can absolutely improve on a 160. Every time you think about not retaking, I want you to imagine setting $150,000 on fire. Because that's what you're doing when you refuse to retake with that GPA.

Conventional wisdom does not suggest leaving real money on the table because you're unwilling to work harder for a four-hour test. Your bird in hand is actually an albatross of debt around your neck.

Withdraw, study, retake.

Well, I took the June 2007 PrepTest after having not touched the LSAT in over a year (my 160 was on the December 2016) and got a 156. Not sure if I should be encouraged or discouraged by that score.