Very strange to read this thread all morning then turn on We and see OP on "Unwrapping Macy's" registering for her wedding.
As for my $.02, you're going to have to pray that LSAT and undergrad GPA are accurate predictors of your success in law school (they're not all that accurate, but you could be lucky). I transferred from a low T2 (with nearly the exact same reputation as Hofstra, in fact, I almost went there) to a top 10 law school and the difference in job opportunities was shocking. When you have 800 law firms rather than 20, how could it not be? Kids at the bottom of the class at my new school are being aggressively recruited for incredible biglaw jobs all over the country and the world(where they do, in fact, often bill more than 3000 hours. I know partners at the firm I summered at who break 3000 consistently, and I've met associates who have had 400-hour months). Good clerkships are utterly impossible to get out of a low T2 or T3, no matter how stellar your grades are, who you know, or how many languages you speak. Also, don't forget that while someone coming out of a lower-ranked school with lots of "other skills" does look better in interviews than a top-10 law student with zero personality, nobody can compete with a student with depth and character who graduates from a great school. Your life will also be much easier not having to worry about being on every committee, journal, and moot court team. And trust me, you won't.
You're not shut out of a possible career in biglaw, I have a close personal friend who graduated from Hofstra and got permanent full-time offers at Sullivan & Cromwell and Shearman, but he had a 4.0 cumulative GPA and was EIC of the Law Review. I'm sure it happens -- it happened at my old school -- but you have a much better chance of landing a good job out of a good school than a T3, and (as you'll learn as you progress through law school) it's all about increasing your chance do to what you want to do, because nothing is guaranteed.
My advice: you MUST transfer after your first year unless you want to do government work or work at a "lifestyle" firm. Don't even think twice about it. The debt means very little coming out of a great law school with an ability to earn nearly $200K (all in). Then again, based on your previous choices, it seems like you might want to reconsider biglaw. If you want to be happy and if "soft factors" (read: anything other than money and prestige) mean anything to you, I wouldn't recommend biglaw. It can be soul crushing.
Good luck with school (and your wedding)