Yes , it is possible to apply for the test along with joining a college but it may demand too much of attention as the concentration gets diverted, secondly I generally don’t prefer dropping a year, but if you are quite sure to get an encouraging score, then only go for that, otherwise continue at the college where you have taken admission,....and if it a matter of reputation of the institution then I may suggest certain institutions where quality education as well as best ever placements are provided,.....you may consider these – Quantum School of Tech, Roorkee,..............Uni of Kalyani, Kalyani,...........Lovely Professional Uni, Phagwara,............BHU, VAranasi