I have to tell you... I am right now at a school that is, by objective standards, much better than JM. And I am not particularly happy with my prospects.
Maybe i shouldn't comment because i don't know how well JM places. But i am offering advice that I think would be applicable to any T4 school... and that is to transfer, suck up the debt, and live very frugally.
I guess it depends what you want to do, what your goals are, and how you want to live. Personally I have no intentions of starting a family any time soon, and I am very happy living a relatively meager lifestyle. So I don't mind tacking on some more debt as long as i can make my loan payments and the move affords me greater opportunities.
I definitely agree though to think long and hard about the debt. A LOT of students tack on debt without really giving it much thought. Once the reality of $100k sets in, its very shocking to those who are unprepared.