Question for the OP, what is a BS in "biological engineering", and what is an MS in "molecular medicine"? Maybe I've had my head in the sand, but these are not ones I've heard of. What types of work, and for what types of employers, do these degree recipients generally do?
It's a good thing you're asking around now vs. after 3L. I agree with the others here, and with what you've lately been hearing in the wild - IP law is not any sort of lock now and has not been for a few years, if it ever was. Maybe for some select in-demand backgrounds (EE), but not others. Law generally is very depressed now in terms of hiring (ex., 2011 numbers suggest that of > 40,000 JD recipients, only half are actually working as real lawyers... and the median is probably closer to $50K than $90K). While some of this may be overly influenced by the bottom-feeder schools like Cooley* where only 10% get jobs, it also appears relatively endemic. In any event, the problem with too few jobs for too many lawyers has indeed spilled over into patent law.
Take to heart the suggestions by BP and V_G. Particularly, borrowing another $80K would scare the bejeebers out of me in this market, unless (on further digging) you get some really, really, really solid evidence that you are readily employable with your current BS-MS. Even then, the standard advice given by the other posters here applies. Ignore how much the LS says you need to borrow, live like a pauper instead, work your butt off to avoid as much debt as possible (PSST, I didn't say this, but what the ABA doesn't learn about hours worked won't hurt the ABA - just don't put "Worked over 50 hpw while attending LS full time" on the resume, like a classmate of mine did).
I don't know enough about the timing of the transfer process to be useful, but BP's suggestion of moving to an evening division is certainly worth looking at, esp. if there's a well-respected program in your current state or near enough to suit. Lots of patent lawyers were non-traditional students.
Finally, and you've maybe already considered this, but going back home to WhereverVille USA and making okay money in a lab may be more beneficial financially once you factor in both the LS debt around 120K and the opportunity cost of 2+ more years' lost wages.
So, I'm not saying "quit now", but I am saying that you're definitely smart to be questioning your bases for staying in LS, and considering what your other options might be.
*My apologies for bringing up Cooley in case that's where you are, or similar, and apologies to anyone else who may be offended...